Ecopetrol's stock dropped 4.09% to close at $2,580 on the Bolsa de Valores de Colombia (BVC), with its ADR falling 4.01% to US$14.12. The decline followed a plunge in oil prices after a two-week ceasefire agreement between the United States and Iran. It comes alongside the board's decision for a temporary exit of president Ricardo Roa.
Ecopetrol's stock showed volatility during the week. On Tuesday, it started higher but closed with a nearly 2% drop, steeper than the broader oil market. Wednesday saw a 4.09% decline to $2,580 on the BVC, aligning with global oil firms falling 5% to 6%.
Oil prices plunged after a two-week ceasefire between the United States and Iran, aimed at halting the US-Israeli military campaign in exchange for reopening the Strait of Hormuz. Brent crude fell as much as 11.5% before settling around US$96.7 per barrel, while European natural gas futures dropped up to 20%.
Alianza's head of strategy and investments noted that Ecopetrol's performance mirrors its peers, with Wednesday's drop mainly due to international factors.
The board also granted president Ricardo Roa seven weeks away from his role, via vacation and one month of unpaid leave, amid Fiscalía summons in a case over alleged electoral crimes tied to Gustavo Petro's campaign. A Juzgado 38 de Control de Garantías imputation hearing was postponed because Roa did not connect; no new date is set.
