Iran War Boosts Big Oil Profits Amid Global Energy Disruptions

The ongoing war in Iran has caused significant disruptions to global energy flows, leading to soaring oil prices and record profits for major oil companies. Despite the Strait of Hormuz being closed, oil prices have increased dramatically, with the average global benchmark price for crude oil trading at $96.68 per barrel in the second half of 2026, a 44 percent increase from the first quarter of 2025. Big Oil companies such as ExxonMobil, Chevron, Shell, and TotalEnergies have seen massive profits, with some reporting their highest quarterly earnings in years.

ExxonMobil reported $14.5 billion in second-quarter earnings, while Chevron's earnings reached $12 billion, its highest quarterly profit in six years. Shell more than doubled its second-quarter earnings, and TotalEnergies saw a 67 percent increase in earnings. BP also reported a significant increase in profits, with Saudi Aramco seeing a 44 percent rise in quarterly earnings.

The surge in oil prices has led to higher petrol prices for consumers, with the average price of gasoline in the US reaching nearly $4 per gallon, a 40 percent increase from pre-war rates. The war's impact on energy markets has been substantial, and economists warn that it may continue to affect global economies.

US President Donald Trump reacted furiously to the news, stating that companies like ExxonMobil and Chevron are 'making too much money based on a shortage' and should give some of their profits back to the public by cutting retail prices.