Eni, the Italian energy giant, nearly doubled its full-year share buyback target as Middle East conflict pushed energy prices higher, delivering a cash windfall to oil majors.

The decision follows a surge in global crude prices driven by geopolitical tensions in the region, which has provided a significant cash boost to energy companies. Eni’s increased buyback target reflects the company’s ability to access additional capital from higher energy revenues, offering shareholders more opportunities for returns.

This move aligns with energy firms’ strategies to deploy excess cash from volatile commodity prices. By raising its buyback target, Eni is signaling confidence in its financial position, which may positively impact investor sentiment and potentially enhance stock liquidity in the medium term.