Oil Companies Reap Windfall from Iran War Amid Disparities in Profit Reports

The Iran war triggered a significant oil shock that led to a surge in petroleum prices and higher costs for drivers at the pump. Despite this, some of the world's largest oil companies reported mixed results in their recent earnings.

BP saw its profits more than double over the first three months of 2026 compared to the same period a year earlier, calling it an 'exceptional' performance. TotalEnergies also reported a roughly 30% jump in profits over that time, prompting share buybacks and increased dividends.

In contrast, Chevron's profits fell by more than a third over the first three months of this year compared to a year ago, while Exxon's profits plummeted by 45% over that period. Analysts attribute these disparities to companies' varying capacities to take advantage of the price spike and avoid costly delivery shortfalls caused by the war.

'You can book a lot higher revenues without necessarily having incurred higher costs,' said Timothy Fitzgerald, a University of Tennessee professor of business economics who studies the petroleum industry. Even so, he added that companies relying on oil deliveries through the Strait of Hormuz have seen their businesses severely disrupted.