Brent crude hits $60 support level amid Venezuela tensions

 Brent crude futures touched the $60 per barrel mark on Monday, the lowest since December 19, 2025, as markets reacted to U.S. military operations in Venezuela.

On the London ICE exchange, Brent for March delivery fell 1.32% to $60.00 before slightly rebounding to $60.54.

This downward trend has immediate implications for Azerbaijan’s flagship Azeri Light crude, which recently dropped to $64.12 per barrel.

While Azeri Light maintains its typical premium over Brent due to its high quality, the current price is now trending below the $65.00 benchmark set in Azerbaijan's 2026 state budget.

Analysts warn that a sustained period below $60 for Brent could tighten fiscal revenues for the major Caspian producer, though the country maintains significant buffers through its State Oil Fund (SOFAZ).

N.Tebrizli