By Adedapo Adesanya

The crude oil market fell on Friday after the latest round of US-Iran fighting ​as traders grew hopeful that shipping would eventually resume in the Strait of Hormuz.

Brent futures settled at $76.01 a barrel, down 29 cents or 0.38 per cent, while the US West Texas Intermediate (WTI) crude finished at $71,41 a barrel, down 67 cents or 0.93 per cent. However, for the week, Brent gained about 5.50 per cent and WTI nearly 4 per cent.

With the end of tit-for-tat air strikes and the promise of ​renewed talks between the US and Iran next week, traders looked forward to the Strait of Hormuz ⁠reopening.

Market analysts noted that oil prices are coming down after a spike near $76 a barrel, even as the Strait of Hormuz was effectively shut ​down once again, mainly on confidence that the US’ military strength will not allow the Strait of Hormuz to be shut down ​for an extended period of time.

On Thursday, Iranian armed forces launched attacks on US military infrastructure in Gulf states after U.S. strikes on Iran’s southern coastal and eastern provinces. However, prices eased after it was reported that Qatari negotiators were in ​Iran to meet with officials in an effort to de-escalate tensions and create conditions for broader negotiations to continue.

Separately, Iranian media reported multiple ​explosions across southern Iran. The area included Bushehr, where one of the country’s nuclear plants is located.

The recent escalation in hostilities between the US and Iran ‌could upend the International Energy Agency’s forecast of a significant oil market surplus next year, the agency said. The developments have delayed a full reopening of the Strait of Hormuz, which carried about 20 per cent of daily global oil and gas supplies before the start of the war on February 28.

However, the lack of any new US strikes on Iran overnight is probably weighing on oil prices, though a drop in flows through the ​Strait of Hormuz is limiting ​the downside.

The IEA also downgraded its projections on Russian oil production because of Ukrainian attacks on the country’s energy infrastructure.

Traders added a larger risk premium to crude prices as renewed geopolitical tensions in the Middle East raised questions about the security of oil shipments through the Strait of Hormuz. Those concerns outweighed bearish pressure from another production increase by the Organisation of the Petroleum Exporting Countries (OPEC) and an unexpected build in US crude inventories.

By Aduragbemi Omiyale

The Global Banking and Finance Review has named Stanbic IBTC Capital, a subsidiary of Stanbic IBTC Holdings, as the Best Investment Bank in Nigeria for 2026.

The leading financial publication picked Stanbic IBTC Capital for the honour in recognition of its commitment to leadership and excellence in Nigeria’s investment banking sector.

The selection process involves an extensive evaluation of performance across critical metrics, including innovation, client service, financial health, and industry advancement.

Stanbic IBTC Capital’s accolade reflects its strong dedication to delivering capital markets and financial advisory solutions for clients in both the public and private sectors.

The firm has made significant strides in facilitating groundbreaking transactions, offering market-leading expertise in equity, debt, and structured finance, while nurturing the growth ambitions of businesses and institutions across Nigeria.

“We are truly pleased to be acknowledged for our relentless pursuit of excellence in the investment banking arena.

“This honour reflects our commitment to hard work and further establishes the deep trust our clients have in our expertise and service.

“It further motivates us to maintain our dedication to exceptional service, cultivate impactful partnerships, and continue delivering innovative financial solutions that meet our clients’ aspirations,” the chief executive of Stanbic IBTC Capital, Mr Oladele Sotubo, stated.

The Executive Director of Corporate and Transaction Banking at Stanbic IBTC Bank, Mr Eric Fajemisin, on his part, said, “Receiving this esteemed acknowledgement from the Global Banking and Finance Review Awards underscores our commitment to driving innovation and excellence within Nigeria’s investment banking landscape.

“This accolade highlights the significant role our skilled team plays in fostering economic growth and stability.

“We are dedicated to delivering exceptional value to our clients, which not only supports their financial success but also contributes to the broader development of the nation’s financial ecosystem.”

The Global Banking and Finance Review annually celebrates institutions that demonstrate quality, innovation, and contributions to the advancement of banking and financial services worldwide.

Now in its 16th edition, the awards honour organisations that uphold outstanding service standards, strategic execution, and industry leadership.

By Aduragbemi Omiyale

The Governor of Rivers State, Mr Siminalayi Fubara, has presented the 2026 Appropriation Bill to the Rivers State House of Assembly.

The 2026 budget estimate of N1.85 trillion, christened Budget of Resilience for Growth and Development, was presented to the state parliament on Friday.

Mr Fubara stated that the proposed spending for the 2026 fiscal year represents a 24.49 per cent increase over the adjusted 2025 budget, driven by anticipated growth in Federation Account Allocation Committee (FAAC) allocations, derivation revenue and internally generated revenue.

He informed the lawmakers that the state hopes to earn N487.61 billion from internally generated revenue, N936.05 billion from FAAC allocations, derivation funds, Value Added Tax (VAT) and exchange gains, and N382.48 billion from capital receipts, including loans, grants and asset sales.

According to him, N413.11 billion is for recurrent expenditure and N1.405 trillion for capital projects, underscoring his administration’s commitment to accelerating development across the state.

He added that personnel costs would gulp N154.77 billion, while N15.22 billion would fund new recruitments, stating that the budget also provides for pensions, gratuities, death benefits and debt servicing.

Governor Fubara further proposed a 50 per cent increase in overhead expenditure for Ministries, Departments and Agencies (MDAs) to strengthen their operational capacity immediately after the budget is signed into law.

He also stated that the largest allocation under the capital budget is the Works and Infrastructure sector with N533.32 billion, followed by Education with N315 billion and Healthcare with N105.43 billion.

In addition, N41.44 billion is for the Rivers State House of Assembly, N30 billion for the Judiciary, N19.26 billion for Agriculture, N15 billion for Power, N8.5 billion for Chieftaincy and Community Development, N7.98 billion for Sports, N7 billion for Youth Development, N6.5 billion for Women Affairs, and N6.61 billion for Environment and Sustainable Development.

The Governor noted that the budget was designed to sustain economic growth, expand critical infrastructure and improve the welfare of residents, pointing out that it builds on the achievements of his administration despite the challenges experienced by the state.

According to him, the budget prioritises the completion of ongoing road projects, new infrastructure investments, improved education and healthcare services, job creation and expanded economic opportunities for residents.

Describing the proposal as a people-centred budget, he assured Rivers people that every public fund would be judiciously utilised to deliver quality services, attract investment and stimulate inclusive development.

Mr Fubara acknowledged the delayed presentation of the budget and appealed to members of the House of Assembly to give the appropriation bill speedy consideration and passage to facilitate timely implementation.

In his remarks, the Speaker of the Rivers State House of Assembly, Mr Martin Amaewhule, acknowledged that the 2026 Appropriation Bill was presented later than expected but assured the Governor that the legislature would expedite its consideration in the interest of the people of Rivers State.