Upcoming trading sessions on the BRVM will be closely watched. With oil stocks surging and the broader market under strain, the West African regional exchange may move largely in step with the conflict unfolding in Tehran.

On the first trading day since the United States and Israel launched strikes on Iran on Saturday night, the Bourse Régionale des Valeurs Mobilières (BRVM) delivered a mixed but telling session. The benchmark index edged lower, while energy stocks rallied as global oil prices jumped following the escalation in the Persian Gulf.

Market tension rises after weekend strikes

On Saturday, Feb. 28, Israel and the United States carried out coordinated strikes on multiple sites in Iran. Washington named the operation “Epic Fury,” while Israel called it “Roaring Lion.” The strikes reportedly killed Iranian Supreme Leader Ali Khamenei and sharply escalated tensions in the region.

Tehran threatened to close the Strait of Hormuz and to target U.S. military bases and Israeli interests across the Middle East.

Roughly 20 million barrels of oil pass daily through the strait, which quickly became the focal point of global market concern. The European naval mission Operation Aspides said Iranian Revolutionary Guards were broadcasting warnings to vessels in the area. Maritime insurers canceled some coverage and raised premiums sharply.

In Abidjan, Monday’s session reflected the oil shock. Four of the five biggest gainers were energy or oil distribution companies.

Vivo Energy Côte d’Ivoire rose 7.41% to 2,175 CFA francs. TotalEnergies Senegal gained 7.39% to 3,125 CFA francs, while TotalEnergies Côte d’Ivoire climbed 7.14% to 3,000 CFA francs. Electricity distributor CIE Côte d’Ivoire added 7.36% to 3,430 CFA francs.

Analysts say oil producers and distributors listed on African markets typically benefit from higher crude prices and renewed investor demand for tangible assets during geopolitical shocks. Early trading showed a textbook reaction, with crude prices up about 9%.

Benchmark indices edge lower

Despite gains in energy shares, broader market sentiment remained cautious. The BRVM Composite fell 0.21% to 416.85 points. The BRVM Prestige dropped 0.35% to 164.25 points. The BRVM 30 was the only index in positive territory, rising 0.08% to 194.96 points.

Among decliners, Servair Côte d’Ivoire sank 6.61%, reflecting widespread flight cancellations after the strikes. Several countries in the region, including Qatar, Iraq, Kuwait and Bahrain, closed their airspace. Unilever Côte d’Ivoire fell 5.77%, Bank of Africa Niger lost 5.50%, and CFAO Motors Côte d’Ivoire dropped 5.03%.

A total of 2,255,844 shares were traded for 1.77 billion CFA francs. Volumes increased as investors adjusted positions. Total market capitalization stood at 16,071.82 billion CFA francs.

In the Gulf, markets faced sharper disruptions. On Monday, March 2, the United Arab Emirates’ Securities and Commodities Authority suspended trading for 48 hours after Iranian drone strikes on Dubai and Abu Dhabi. The halt affects exchanges with a combined capitalization of more than $1.1 trillion, or roughly 1.4% of the MSCI Emerging Markets index. Kuwait also temporarily closed its stock market.

In Saudi Arabia, the Tadawul index traded lower. It had already fallen 1.3% in the five days before hostilities began. Threats to Saudi oil infrastructure continue to weigh on the sector.

Europe and Wall Street turn cautious

Major European markets opened lower on Monday. In Paris, Frankfurt, London and Milan, airline, tourism and shipping stocks led losses, while defense and oil shares advanced.

Gold rose nearly 3%, while bitcoin gained 5.5% over 24 hours, reflecting renewed demand for alternative assets. U.S. stock futures were slightly lower, with investors adopting a wait-and-see stance. BloombergNEF said Brent crude could reach $91 per barrel in the fourth quarter if disruptions persist into 2026. Deutsche Bank estimated that a full closure of the Strait of Hormuz could push prices toward $120.

Beyond the BRVM, African governments are watching the surge in oil prices with concern. Senegalese Prime Minister Ousmane Sonko warned on Sunday, March 1, that African economies would bear the cost of what he described as a war. The suspension of shipments through the Strait of Hormuz by shipping giant Maersk and the rise in crude prices pose risks for economies heavily reliant on fuel imports.

The African Union called for diplomacy and renewed multilateral engagement. It also welcomed efforts by Oman to reopen communication channels and prevent further escalation. From Johannesburg to Casablanca, investors are closely tracking developments in the Gulf, aware that the trajectory of the conflict could reshape energy prices and growth prospects across the continent.

Fiacre E. Kakpo