Petrobras Profit Jumps 80% on War-Driven Oil Rally

Rio de Janeiro-based Petrobras reported an 80% surge in adjusted earnings before earnings before interest, taxes, depreciation, and amortisation (EBITDA) to 93.8 billion reais ($18.4 billion) for the second quarter of 2026.

The state-controlled driller outperformed market expectations, which had forecast an average 91.3 billion reais in EBITDA. Petrobras' strong performance was driven by supply disruptions stemming from the US-Iran conflict, which lifted prices for crude, petrol, and diesel.

Petroleo Brasileiro, as the company is formally known, joins major companies including ExxonMobil, Chevron, and Shell in reaping bumper profits amid the energy market disarray wrought by wars in the Persian Gulf region and Russia.