By Adedapo Adesanya

Crude futures climbed 12 per cent on Friday due to disruptions to global oil supplies because of the expanding ‌US-Israel war with Iran.

During the session, Brent crude futures settled at $92.69 a barrel after gaining $7.28 or 8.52 per cent, and the US West Texas Intermediate (WTI) crude futures finished at $90.90 a barrel, up $9.89 or 12.21 per cent.

In one week, WTI rose 35.63 per cent, and Brent climbed 27 per cent, the biggest weekly gains since the COVID-19 pandemic in 2020.

Disruptions to the Middle East supply and tanker traffic through the Strait of Hormuz continue to rattle global energy markets.

The strait is a narrow waterway which handles roughly a fifth of the world’s traded crude, making it one of the most critical chokepoints in the global oil system. Even partial disruptions or perceived risks to tanker traffic can trigger rapid price moves as traders scramble to price in supply uncertainty.

With the Strait now effectively closed for seven days, that means about 140 million barrels of oil have been unable to reach the market. Vessel traffic has effectively dropped from an average of 138 ships a day to around 1 or 2.

The conflict has spread across the Middle East’s key energy-producing areas, disrupting output and forcing ​shutdowns of refineries and liquefied natural ​gas plants.

Qatar’s energy minister told the Financial Times he expects all Gulf energy producers to shut down exports within weeks, a move he said could drive oil to $150 a barrel. Kuwait is also discussing cutting production even further, and refining operations as well, to levels that would match what would be needed domestically.

US President Donald Trump, ​in an interview, said he was not concerned about rising petrol prices linked to the conflict after he said the US government would step in to provide insurance coverage have yet to have an effect.

President Trump also said the US Navy would escort tankers in the strait earlier this week, but soon after, took it back, after the Navy itself said there was “no chance” of such escorts.

By Adedapo Adesanya

Italian oil major, Eni, is positioning to embark on deepwater exploration investment in Nigeria after President Bola Tinubu met its chief executive Officer, Mr Claudio Descalzi, in Abuja to discuss the company’s deepwater expansion plans.

This follows the recent conversion of Oil Prospecting Licence 245 (OPL 245) into new development and exploration licenses.

Under an agreement with the Federal Government of Nigeria, OPL 245 has been converted into two Petroleum Mining Leases (PML 102 and 103) and two Petroleum Prospecting Leases (PPL 2011 and 2012), following a mutually agreed settlement of claims and the discontinuation of arbitration proceedings at the International Centre for Settlement of Investment Disputes (ICSID).

Nigerian Agip Exploration Limited will operate the licenses alongside partners Nigerian National Petroleum Company (NNPC) Limited and Shell Nigeria Exploration and Production Company Limited (SNEPCO).

The conversion clears the path for the development of the Zabazaba and Etan deepwater fields under PML 102 and 103.

The Etan-Zabazaba project is estimated to contain approximately 500 MMbbl of reserves and is planned around a 150,000-bopd floating production, storage and offloading (FPSO) facility. Associated gas volumes of up to 200 MMscf/d at peak are expected to be exported to Nigeria LNG.

Eni, which has operated in Nigeria since 1962, also discussed its broader offshore portfolio, including interests in the Abo and Bonga fields and Nigeria LNG.

The company recently increased its stake in OML 118 to 15 per cent, reinforcing its position in Nigeria’s deepwater sector, where it currently produces approximately 55,000 barrels of oil equivalent per day on an equity basis.

Business Post reported earlier this week that Nigeria has broken up the OPL 245 oil block into four new assets to be operated by Eni and Shell, potentially settling the future of the field at the centre of one of the oil industry’s biggest historic corruption trials.

The agreement clears the way for the development of OPL 245, one of Nigeria’s biggest deepwater reserves that has remained untapped for almost three decades amid overlapping lawsuits in multiple countries.

The block is estimated to hold up to 9 billion barrels of oil equivalent in reserves, enough to rival Nigeria’s entire proven reserves if fully developed.

By Aduragbemi Omiyale

The Executive Director for Personal and Private Banking at Stanbic IBTC, Mr Olu Delano, has stressed the need to link macroeconomic trends to personal financial goals.

At the 2026 Regional Economic Outlook Series of Stanbic IBTC recently, he said, “Whether planning for retirement, funding education abroad, or expanding a business, improved stability creates opportunities. But those opportunities require careful structuring around foreign exchange dynamics, inflation trends, and interest rate movements.”

Business Post reports that the regional investor summit was designed to provide high-net-worth individuals, investors, business leaders, and senior executives with clarity in a rapidly evolving economic environment.

Hosted in Lagos, Abuja, and Port Harcourt, the series served as a strategic platform for translating Nigeria’s reform momentum into practical investment and business decisions.

It featured a keynote address by Professor Adedipe, whose insights set a strong analytical foundation for the conversations that followed. His presentation unpacked structural reforms, fiscal recalibration, and the direction of monetary policy, offering attendees a comprehensive perspective on Nigeria’s growth trajectory and the discipline required to sustain macroeconomic stability.

Across all three cities, Stanbic IBTC’s subject matter experts and industry professionals moved the discussion from macroeconomic signals to market strategy. Sessions were structured to bridge economic context with sector-specific opportunities, portfolio construction frameworks, and risk management considerations. The focus extended beyond understanding the environment to making informed, disciplined decisions within it.

A recurring theme throughout the summit was the evolving monetary policy cycle. Discussions examined the Central Bank of Nigeria’s tight stance in addressing inflationary pressures and stabilising the currency.

Participants also considered the potential implications of a gradual policy easing cycle, particularly for fixed income instruments, equity positioning, and broader asset allocation strategies. Emphasis was placed on timing, selectivity, and portfolio resilience.

Beyond markets, the conversations addressed the practical realities of wealth and business strategy. High net worth individuals gained clarity on diversification, currency exposure, and inflation management, while business leaders explored how improving macroeconomic stability can support capital allocation decisions and long-term expansion plans.

The chief executive of Stanbic IBTC Asset Management, Ms Busola Jejelowo, reflected on the quality of engagement across the regions.

She noted that the depth of questions and analytical rigour demonstrated a maturing investment culture and a growing appetite for data-driven strategies.

According to her, the series was not only about presenting forecasts, but about equipping clients with structured frameworks for navigating uncertainty.