Ades Holding (SASE:2382) signed a two-year agreement for the shelf drilling victory in Nigeria for 347.6 million Saudi riyals, which includes the share of its in-country partner.
The deal with oil and gas company Seplat Energy Producing Nigeria includes two unpriced optional extension periods of one year each, according to a Sunday release. The Saudi drilling services company expects rig operations to start in the second half of 2026.
President Donald Trump said he is dissatisfied with ongoing negotiations with Iran but indicated a preference for diplomacy over further military action in the nine-week conflict disrupting global energy markets, Bloomberg reported on Friday."They want to make a deal but I'm not satisfied with it," Trump told reporters, adding that while progress has been made, he is uncertain whether an agreement will be reached, the report said.Iran has put forward a new proposal via Pakistan, according to state media, offering to discuss conditions for reopening the Strait of Hormuz while seeking US commitments to halt attacks and lift its blockade.Trump, however, said the US is not ready to end the conflict, touting what he described as a "complete" shutdown of the strategic waterway, a key chokepoint for global oil supplies.
Exxon Mobil (XOM), Chevron (CVX) and ConocoPhillips (COP) have warned that global energy markets may face further price increases as supply buffers are rapidly being depleted amid the ongoing Strait of Hormuz disruption, Bloomberg reported on Friday.Executives said inventories, strategic reserves and floating storage have helped cushion prices so far, but those supplies are now running low, reducing the market's ability to absorb prolonged supply shocks.Chevron's CFO told Bloomberg that much of the spare capacity has already been used, leaving limited leeway if the disruption continues, while Exxon's CEO warned markets have yet to fully reflect the scale of the supply hit.With roughly a fifth of global oil and LNG flows typically passing through the strait, companies indicated that a prolonged closure could push crude prices significantly higher.
The Standard & Poor's 500 index rose 0.9% this week to another closing record high as the communication services sector led a broad climb amid better-than-expected earnings.The S&P 500 ended Friday's session at 7,230.12 and reached a fresh intraday high of 7,272.52.This marks the fifth consecutive weekly gain. On Thursday, the benchmark closed out April with a 10% jump that represented its largest monthly increase since November 2020. The index, which fell 5.1% in March, is now up 5.6% for 2026.Large companies including Amazon.com (AMZN), Google parent Alphabet (GOOGL), Microsoft (MSFT) and Exxon Mobil (XOM) reported stronger-than-expected quarterly results.The communication services sector had the largest percentage increase of the week, climbing 4.5%, followed by a 3.2% rise in energy, a 1.1% gain in consumer staples and a 1% advance in real estate. Financials, utilities, health care, consumer discretionary, industrials and technology also edged higher.Alphabet led the climb in communication services, with its shares jumping 12% on the week. Q1 results exceeded Wall Street's estimates as revenue for Google's cloud and services businesses climbed.Verizon Communications (VZ) also boosted the communication services sector. The shares rose 3.7% as the company raised its full-year earnings outlook and reported a Q1 profit above market estimates.The energy sector's advance came as crude oil futures remained elevated, with no end in sight for the U.S.-Iran conflict.Phillips 66 (PSX) rose 8.2% as the company swung to a Q1 adjusted profit per share after analysts had forecast a loss.Materials, the only sector that fell this week, shed 2%.Newmont (NEM) had the largest weekly loss in the materials sector with the shares down 10% even as Q1 adjusted earnings per share and revenue topped Wall Street estimates. The company said it is on track to achieve its 2026 production outlook of 5.3 million attributable gold ounces.Next week's earnings calendar features Advanced Micro Devices (AMD), Walt Disney (DIS), McDonald's (MCD), Arista Networks (ANET) and Palantir Technologies (PLTR).The focal point of the economic data calendar will be the government's release of monthly jobs data on Friday. Other data due next week include new home sales and construction spending for February and March, as well as the first reading of consumer sentiment for May.