By Adedapo Adesanya

Crude prices closed higher on Thursday, rebounding from the previous session’s losses, as hopes for a ​swift end to the war in the Middle East faded.

Brent futures rose $5.79 or 5.7 per cent to settle at $108.01 per barrel, while the US West ‌Texas Intermediate (WTI) crude futures gained $4.16 or 4.6 per cent to close at $94.48 a barrel.

US Special Envoy Steve Witkoff confirmed that the US sent a 15-point action list to Iran as a basis for negotiations to end the war, but Iranian Foreign Minister Abbas Araqchi said ​that Iran was reviewing the proposal but that there were no talks on winding down the war.

The 15-point proposal, sent through Pakistan, would remove Iran’s stocks of highly enriched uranium, halt enrichment, curb its ballistic missile program and cut funding for regional allies.

For Iran, it said the proposal lacks the minimum requirements for success and serves only the US and Israel’s interests, but stressed that diplomacy has not ended despite the lack, for now, of a realistic peace plan.

Amid this, President Donald Trump said Iran has offered to let 10 oil tankers transit the Strait ⁠of Hormuz as a goodwill gesture in the negotiations.

A Thai oil tanker passed through the Strait of Hormuz following diplomatic coordination with Iran, and Malaysia said its vessels were also being allowed to transit. Iran also said it would consider any request from Spain related to ⁠the Strait of ​Hormuz because it respects international law.

France held talks with around 35 countries on Thursday as it sought partners and proposals for a mission to reopen the Strait of Hormuz once the war ends.

Reuters reported that the Pentagon, which is the headquarters building of the US Department of Defence, is planning to send thousands of airborne troops to the Gulf to ​give President Trump more options for a ground assault.

On the Iranian side, Yemen’s Iran-aligned Houthi movement said it stands ready to strike the key Red Sea waterway again in solidarity with Iran. This indicates that the war may extend for a longer period with the latest developments.

The war has nearly halted shipments through the Strait of Hormuz, which typically carries about a fifth of the world’s crude ​oil and liquified natural gas (LNG) supply, in what the International Energy Agency (IEA) and World Trade Organisation (WTO) have called the biggest disruptions.

Meanwhile, countries continue to feel the impact of the war. ⁠Iraq, the second-biggest crude producer in the Organisation of Petroleum Exporting Countries (OPEC) behind Saudi Arabia in 2025, has seen oil production slump with ​storage tanks reaching high and critical levels.

By Dipo Olowookere

One of the companies offering underwriting services in Nigeria, Guinea Insurance Plc, has been given the nod to issue about 5,295,200,000 units of its shares to shareholders at a unit price of N1.10.

The stocks would be allotted to investors through a rights issue designed to raise about N5.8 billion as part of the organisation’s strategies to raise funds to boost its capital base.

The National Insurance Commission (NAICOM) asked operators in the country’s insurance sector to increase their minimum capital requirements, just like their counterparts in the banking ecosystem, which have till March 31, 2026, to comply.

For insurance companies, their deadline is July 2026, and the regulator recently emphasised that it had no plans to extend this as being thought.

The Commissioner for Insurance, Mr Olusegun Omosehin, at a high-level media briefing in Lagos, emphasised that “The July 31 deadline is sacrosanct,” noting that, “It is embedded in the law, and as a regulator, we do not have the powers to alter a date set by an Act of the National Assembly” as the timeline is a statutory requirement under the Nigeria Insurance Industry Reform Act of 2025.

“We would not be drawn into a last-minute rush or entertain pleas for extensions,” Mr Omosehin warned. Guinea Insurance is raising additional funds from the exercise by offering to shareholders two new ordinary shares for every three ordinary shares held as of the close of business on January 21, 2026.

Business Post reports that the rights issue opened on Wednesday, March 25, 2026, and will close on Friday, May 1, 2026.

In a notice signed by its secretary, Ms Chinenye Nwankwo, it was explained that, “This capital raise forms part of the company’s strategic initiatives to strengthen its capital base, enhance underwriting capacity, and position the company for sustained growth and improved service delivery,” a part of the disclosure stated, urging shareholders “to take up their rights in full or in part.”

By Adedapo Adesanya

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has signed a Petroleum Exploration Licence (PEL) No. 5 agreement with SeaSeisGeophysical Limited, paving the way for a major offshore data acquisition project aimed at boosting oil and gas exploration.

The agreement, executed in Abuja, authorises SeaSeis, in partnership with global data firm TGS, to undertake the acquisition and processing of new 3D seismic and gravity data.

The PEL 5 project spans approximately 11,700 square kilometres offshore the Eastern Niger Delta, covering water depths ranging from 400 to 2,800 metres.

The initiative is expected to enhance subsurface understanding, improve prospectivity, and support more efficient development of Nigeria’s hydrocarbon resources, in line with provisions of the Petroleum Industry Act (PIA) 2021.

Speaking at the signing ceremony, the chief executive of NUPRC, Mrs Oritsemeyiwa Eyesan, said the licence underscores the commission’s commitment to data-driven exploration, transparency, and long-term value creation for the country’s oil and gas industry.

She noted that the project would provide critical geological data needed to attract investment and unlock new opportunities in Nigeria’s upstream sector.

In his remarks, the Managing Director of SeaSeisGeophysical Limited, Mr Goke Adeniyi, described the PEL 5 project as the company’s largest in Africa, highlighting the vast potential within Nigeria’s offshore energy landscape.

The partnership is expected to strengthen collaboration between regulators and industry players while advancing efforts to optimise resource development and sustain growth in the sector.

Recall that the upstream oil sector regulator is slashing the time it takes to approve applications to revive idle oil wells from weeks to hours as Nigeria, which is Africa’s top crude producer, seeks to take advantage of high energy prices triggered by the conflict in the Middle East.

The country is also fast-tracking approvals for evacuations and barges at production facilities and export terminals to let barrels get to buyers quickly, as buyers turn to suppliers such as Nigeria and Angola on the African continent.