$93 Billion Windfall: Oil Majors Reap Huge Profits Amid Iran War
The world's largest oil producers saw their profits soar in Q2 of this year due to the Iran war and disruption to shipping through the Strait of Hormuz.
The combined profits of eight major oil companies, including Saudi Aramco, BP, Shell, Equinor, TotalEnergies, Eni, Chevron, and ExxonMobil, reached $93 billion in Q2 2026, more than double their earnings from the same period last year.
Aramco led the windfall with a 34% increase in net income to over $33 billion, thanks to higher oil prices and sales volumes. BP's second-quarter profit also rose sharply, reaching $5.73 billion, nearly twice its level a year earlier and its highest quarterly net profit since Q3 2022.
Chevron posted $12 billion in adjusted earnings, with its quarterly profit reaching its highest level in at least six years. The Iran war sent crude prices sharply higher during the spring, with Brent approaching $100 a barrel in May.