Oil Majors Reap $93 Billion Windfall as Iran War Disrupts Global Oil Supplies
The Iran war has caused a significant increase in oil prices, leading to a record-breaking windfall for eight major oil companies. The closure of the Strait of Hormuz, a key trade corridor connecting Asia and Europe, has resulted in higher fossil fuel prices worldwide.
The combined profits of Aramco, BP, Shell, Equinor, TotalEnergies, Eni, Chevron, and ExxonMobil reached $93 billion in the three months from April to June. This is a significant increase from their combined profits of around $50 billion in the second quarter of 2025.
Saudi Arabia's Aramco benefited the most from the price increase, reporting a 34% rise in its quarterly net income to over $33 billion. Aramco's record oil sales have made it responsible for more carbon emissions than any company in history.
The higher profits of oil companies have led to criticism from environmentalists and consumers. Patrick Galey, the fossil fuel lead at Global Witness, stated that 'BP's sky-high profits are a scandalous reminder of who's been cashing in on human misery this year.'