Azeri Light Crude Hits $122 as Middle East War Drives Two-Day Price Surge

By Bosphorus News Energy Desk

Two Days of Sharp Gains

Azerbaijan's Azeri Light crude oil has recorded sharp price increases over two consecutive sessions as fighting between Israel, the United States and Iran intensifies across the Middle East.

On March 19, the CIF price of Azeri Light at Italy's Augusta port reached $122.70 per barrel, a rise of $4.91, or 4.2%, from the previous day. The day before, on March 18, the same benchmark had jumped by $9.63, or 8.9%, to $117.79 per barrel.

The cumulative two-day gain at Augusta amounts to $14.54 per barrel.

The Ceyhan Reading

The FOB price at Türkiye's Ceyhan port, where Azerbaijani oil arrives via the Baku-Tbilisi-Ceyhan pipeline before being loaded onto tankers, followed the same trajectory. On March 19, the Ceyhan FOB price stood at $118.78 per barrel, up $6.25, or 5.55%. The prior session had seen a jump of $9.65, or 9.25%, to $113.95 per barrel.

The Baku-Tbilisi-Ceyhan pipeline runs from Azerbaijan's Caspian fields through Georgia and into southern Türkiye, and is one of the primary export routes for Caspian oil to world markets.

Brent and URALS Also Rise

The broader crude market moved in the same direction. Brent Dated from the North Sea reached $117.44 per barrel on March 19, up $4.91, or 4.36%. URALS crude rose by $4.45, or 5.44%, to $86.22 per barrel.

Budget Assumptions Under Pressure

Azerbaijan's 2026 state budget was built on an assumed average oil price of $65 per barrel. At current levels, Azeri Light is trading at nearly double that baseline, a gap that significantly affects government revenue projections.