Global energy markets are currently experiencing heightened volatility due to a combination of geopolitical tensions, supply constraints, and shifting demand patterns. The price of Brent crude oil, which serves as a key international benchmark, has been particularly sensitive to developments in major producing regions.

The price of Azerbaijan's Azeri LT CIF oil rose by $2.99, or 2.46%, to reach $124.24 per barrel in the global market.

Colombian state-run oil firm Ecopetrol said it will invest between 22 trillion and 27 trillion pesos ($5.88 billion–$7.21 billion) in 2026, maintaining levels similar to 2025 with a focus on “disciplined” capital allocation. The company plans to drill 380–430 development wells—mostly in Colombia—and 8–10 exploratory wells.

Oil prices edged higher in Asian trading on Thursday after Saudi Arabia's state oil company sharply increased March prices.

On September 18, 2024, the price of Brent crude oil futures for November on the London ICE Futures exchange fell by 0.07%, to $73.65 per barrel. WTI crude oil futures for November on the electronic trading of the New York Mercantile Exchange (NYMEX) fell by 0.11%, to $69.88 per barrel, News.Az reports.