The increase in energy prices brings in substantial cash, and Eni has raised the scale of its buyback.

The Middle East conflict has disrupted the energy market, driving up prices and bringing substantial cash returns for oil giants to reward their shareholders. Against this backdrop, Eni has nearly doubled its full-year stock buyback target. The Italian oil and gas company announced on Friday that it plans to repurchase up to 2.8 billion euros of shares within the year. This target is about 90% higher than Eni's previous plan. Earlier, amid the energy shock, the company had already raised its cash flow forecast by 20%. The Middle East conflict has severely disrupted the oil and gas supply from the resource-rich region. Shipping through the critical Strait of Hormuz has almost come to a standstill, while attacks on energy infrastructure in the region have increased the possibility of long-term supply disruptions. With countries scrambling to find alternative sources of oil and gas, energy prices have risen, and Eni's average price expectations for the year have also increased. The company currently expects the full-year price of Brent crude to be $83 per barrel, compared to $70 per barrel in March. Net profit for the period was 1.07 billion euros, a 9% decrease year-on-year.