Markets· August 16, 2026 at 07:00 p.m.
Oil Majors Post Record Profits Amid Iran War and Fossil Fuel Shortages
Key takeaways
- Oil majors have achieved combined profits of over $90 billion in Q2 2026
- Brent Benchmark oil price rose from $68/barrel in February to nearly $100/barrel in May
- Aramco reported a 34% rise in quarterly net income, at over $33 billion
In the aftermath of the U.S.-Israeli attack on Iran, oil prices have surged, leading to a windfall for major oil companies worldwide. The eight largest firms – Aramco, BP, Shell, Equinor, TotalEnergies, Eni, Chevron, and ExxonMobil – achieved combined profits of over $90 billion in the three months from April to June. This surge is due to the closure of the Strait of Hormuz by Iran, which has caused the biggest disruption of fossil fuel supplies in history. The increase in oil prices has driven up consumer energy bills worldwide while oil companies continue to profit.
