Oil Majors Reap $93 Billion Windfall Amid Iran War Disruption

The second quarter of 2026 saw oil majors reap nearly $93 billion in profits, more than double their earnings from the same period last year.

This windfall is largely attributed to the ongoing Iran war and disruption to shipping through the Strait of Hormuz, which has pushed up oil prices. Saudi Aramco led the charge with a 34% increase in net income to over $33 billion.

BP reported a sharp improvement as well, with second-quarter profit reaching $5.73 billion, nearly twice the level a year earlier and its highest quarterly net profit since the third quarter of 2022. Chevron posted $12 billion in adjusted earnings, including $8.2 billion from its upstream operations.

The Iran war has sent crude prices sharply higher during the spring, with Brent reaching near $100 in May. The market remains volatile as hopes for a US-Iran settlement alternate with renewed concerns over Hormuz. Oil companies argue that their earnings reflect the need to provide energy during a period of extreme market disruption.