….Culled from Reuters

Oil prices could extend gains today as the U.S.-Israeli war against Iran entered a third week, putting oil infrastructure at risk and keeping the Strait of Hormuz shut in the world’s largest supply disruption. U.S. President Donald Trump threatened further strikes on Iran’s Kharg Island oil export hub, drawing a defiant response of further retaliation from Tehran.
Brent and U.S. West Texas Intermediate crude futures have already spiked sharply and ⁠rattled global financial markets. Both contracts have surged more than 40 per cent so far this month to their highest levels since 2022 after the U.S.-Israeli attacks on Iran prompted Tehran to halt shipping through the Strait of Hormuz – a key chokepoint for a fifth of global oil supply.
Trump has urged China, France, Japan, South Korea, Britain and others to deploy warships to secure the strategic gateway.
The United States struck military targets on Kharg Island on Saturday, which was swiftly followed by Iranian drone attacks on a key oil terminal in the United Arab Emirates.
“This marks an escalation in the conflict,” JP Morgan analysts led by Natasha Kaneva said.
“Until now, the region’s oil infrastructure has largely been spared.”
Besides UAE’s ⁠Fujairah, Saudi Arabia’s Ras Tanura export terminal and Abqaiq oil processing facilities have been listed as critical and highly vulnerable energy nodes in the Gulf, the analysts said.
However, oil loading operations at Fujairah have resumed, a Fujairah-based industry source told Reuters yesterday.
Fujairah, outside the Strait of Hormuz, is the outlet for about one million barrels per day of the UAE’s flagship ⁠Murban crude oil – a volume equal to about one per cent of world demand.
Global oil supply is expected to fall by eight million bpd in March due to disruptions to shipping while Middle Eastern producers have cut output by at least 10 million bpd, ⁠according to the International Energy Agency (IEA).
Last week, the IEA agreed to release a record 400 million barrels of oil from strategic stockpiles held by member nations to combat price spikes. Japan plans to start releasing its oil today.
Meanwhile, the Trump administration has rebuffed efforts by Middle Eastern allies to start diplomatic negotiations, according to three sources familiar with the efforts, while Iran has rejected the possibility of any ceasefire until U.S. and Israeli strikes end, dimming hopes of a quick end to the conflict.

The Republic of Togo has expressed interest in increasing the volume of electricity it currently purchases from Nigeria through the Niger Delta Power Holding Company (NDPHC), as part of efforts to meet growing power demand and extend reliable electricity supply to newly connected customers across the country.
The request was made during a strategic meeting between the management of NDPHC and a delegation from the Compagnie Energie Electrique du Togo (C.E.E.T), the national electricity utility of the Republic of Togo.
The delegation was led by the Director-General of the organisation, Débo- K’mba BARANDAO, who paid a visit to NDPHC’s management to strengthen existing collaboration and explore opportunities for expanding cross-border electricity trade.
C.E.E.T, which is headquartered in Lomé, currently purchases about 75 megawatt-hours (MWh) of electricity from NDPHC on a bilateral basis, a supply arrangement that has helped the West African country maintain stable electricity delivery and support economic activities.
The imported electricity contributes to sustaining quality, reliable and affordable power supply for households, businesses and public institutions in Togo.
The Director-General of C.E.E.T commended NDPHC for the consistency of its electricity supply and the role the partnership has played in improving power reliability within Togo’s electricity network.
He noted that the collaboration has been beneficial to both organisations and has strengthened regional energy cooperation in West Africa.
According to him, the utility company is currently experiencing increasing electricity demand following the onboarding of new customers, including industrial and commercial users, as well as ongoing efforts by the Togolese government to expand access to electricity across the country.
In view of this development, C.E.E.T expressed strong interest in increasing the volume of electricity it off-takes from NDPHC, noting that additional supply would support the country’s power expansion strategy and ensure that newly connected consumers receive stable electricity.
The delegation also highlighted that strengthening energy trade with Nigeria remains an important component of Togo’s broader strategy to secure diversified and dependable power sources for its national grid.
Responding, the Managing Director and Chief Executive Officer of NDPHC, Jennifer Adighije, an engineer, reaffirmed the company’s readiness to deepen collaboration with C.E.E.T and continue supporting electricity exports to neighbouring countries in the West African sub-region.
She explained that NDPHC, which operates several power plants across Nigeria under the National Integrated Power Project (NIPP), has the capacity to support regional electricity supply and remains committed to promoting energy integration across West Africa.
The NDPHC boss noted that the partnership with C.E.E.T aligns with broader regional efforts aimed at strengthening electricity trade among member countries of the Economic Community of West African States and improving power availability across the sub-region.
While expressing willingness to increase electricity exports to Togo, she emphasised the need for bankable and sustainable commercial arrangements to guide future transactions between the two organisations.
According to her, establishing credible financial guarantees and structured payment mechanisms would help mitigate exposure to payment risks often associated with cross-border electricity supply, thereby ensuring the long-term sustainability of the partnership.
She stressed that a reliable payment framework would not only protect NDPHC’s commercial interests but also enable the company to continue supporting regional energy stability through power exports.
Both parties described the meeting as productive and reaffirmed their commitment to strengthening cooperation in the electricity sector. They also agreed to continue engagements aimed at developing workable frameworks that would support increased power supply from Nigeria to Togo.
Industry observers say the move reflects growing efforts by West African countries to deepen regional electricity trade and maximise existing generation capacity within the region to address persistent power shortages.
If implemented, the proposed increase in electricity offtake by C.E.E.T is expected to further strengthen energy cooperation between Nigeria and Togo while contributing to improved electricity access and economic development in the region.

Shell Nigeria Exploration and Production Company Limited (SNEPCo) has completed the turnaround maintenance on the Bonga Floating Production, Storage and Offloading (FPSO) vessel, leading to resumption of production at Nigeria’s premier deepwater field on March 6, 2026. The project was delivered 11 days ahead of schedule and without any safety incident, reinforcing SNEPCo’s longstanding commitment to operational excellence and asset integrity.
SNEPCo Managing Director, Ronald Adams, noted that completing the turnaround safely and ahead of schedule is a testament to the dedication and professionalism of her Nigerian workforce and the helpful support of our partners.
“The achievement not only secures the long‑term integrity of the Bonga FPSO but also positions us strongly for the successful delivery of the Bonga North project, which will leverage the improved reliability of the FPSO,” Adams said.
The exercise which began on February 1, 2026, highlights SNEPCo’s leading role in advancing deep‑water expertise in Nigeria. Of the 55 companies involved in the execution, 43 were wholly Nigerian. Additionally, eight of the 12 international service providers maintain operational bases in Nigeria, contributing to knowledge transfer and increased local investments.
More than 1,000 personnel worked offshore during the turnaround, with over 95 per cent being Nigerians involved in maintenance, engineering, operations, inspection and construction. Thousands more supported activities from onshore locations, reflecting the depth of Nigerian capability in offshore oil and gas operations.
Adams added: “We acknowledge the support of several stakeholders towards the successful execution of the exercise, including the NNPC Upstream Investment Management Services (NUIMS), the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), the Nigerian Content Development and Monitoring Board (NCDMB) and our partners.”