Oil majors reap $93 billion Q2 profits as Iran war drives energy windfall
Eight of the world’s largest oil producers posted a combined $93 billion in profits in the second quarter of 2026, nearly double their earnings in the same period last year, as the Iran war and disruption to shipping through the Strait of Hormuz pushed oil prices higher. The figures, reported by OilPrice.com, cover Saudi Aramco, BP, Shell, Equinor, TotalEnergies, Eni, Chevron and ExxonMobil.…
In the second quarter of 2026, eight of the world's largest oil companies collectively earned $93 billion in profits, more than doubling their earnings from the same period in 2025, according to a report by OilPrice.com. The surge in profits was driven by the Iran war and its disruption to shipping through the Strait of Hormuz, which pushed oil prices to record highs.
The conflict began in late February, causing crude and oil-product flows through Hormuz to drop from around 20 million barrels per day to a near standstill. Saudi Aramco led the profit surge, reporting a 34% increase in net income to over $33 billion, while BP and Chevron also saw substantial gains. The oil price spike, which peaked at $100 per barrel in May, has since been volatile due to fluctuating hopes for a US-Iran settlement and ongoing Hormuz disruptions.
The energy crisis has highlighted the vulnerability of global supply chains and reignited debates about imposing windfall taxes on oil companies.
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