Repsol Earnings Soar on Iran Conflict-Driven Oil Price Spike

Spanish energy giant Repsol has reported a sharp rebound in first-half earnings, driven by higher oil prices and market turmoil triggered by the conflict in Iran. The company's net income surged to €2.201 billion in the first six months of 2026, with adjusted net income reaching €2.711 billion.

The results were boosted by a positive €823 million inventory valuation effect as crude oil prices climbed, and Repsol invested €2.4 billion in building inventories of crude oil and refined products to safeguard supplies during Spain's peak summer travel season.

Repsol's industrial business delivered the strongest performance, with adjusted earnings soaring to €1.683 billion, supported by stronger refining margins. The company also booked €1.333 billion in impairments and provisions, largely linked to its chemicals business and low-carbon generation assets in Chile.