Oil Giants Rake in Huge Profits Due to Iran War

M.A. Dworkin

Straits of Hormuz - Major global oil companies amassed nearly $93 billion in profits during the second quarter (April to June) 2026, driven by a sharp surge in global energy prices resulting from the U.S.-Iran war. This massive windfall has triggered intense political backlash with U.S. President Donald Trump calling on the oil companies to lower prices.  

The spike in Brent crude prices (the primary global price benchmark for petroleum) which averaged over $92 to $103 per barrel during the quarter, allowed Western supermajors and state-owned enterprises to lead all market sectors with a year-over-year earnings growth of 128%.

Saudi Aramco, the world’s largest producer, reported a 34% net income reaching $33.4 billion. ExxonMobil doubled its profits from the previous year to $14.53 billion, marking its highest quarterly earnings in years. Chevron reported $12.07 billion nearly quadrupling its previous year’s performance. Shell’s earnings jumped to $9.84 billion, marking its second-highest quarterly profit ever. BP came in at $5.73 billion more than doubling its prior three month profits. 

In the U.S., where the national average price of gasoline topped $4.55 a gallon and has settled in over $4.00 per gallon, President Trump openly asserted that “oil companies are making too much money,” and suggested they should return a portion of their profits to the public.

“I don’t like it,” President Trump asserted. “They’re making too much money. And I should be the last one to say it because I’m a big free enterprise guy.” He continued. “Chevron, too much money. ExxonMobil, too much. Too much money. When you look at one company that made twelve times what they made the year before, they ought to give some of that back to the public, and they better cut the retail price, the consumer price…I’d say it loud and clear. I’m not happy about it.”

According to industry analysts, oil companies are sitting on huge cash reserves rather than investing in new drilling. They fear an abrupt resolution to the Middle East conflict could cause crude prices to crash before they can recoup the heavy costs of expanded infrastructure. 

In the meantime, environmental groups and climate campaigners have fiercely criticized the oil companies for profiteering from geopolitical crises while global heatwaves - caused by an emissions-fueled climate crisis - intensify, sparking deadly heatwaves across the globe. Many of these groups have blamed the oil companies for cashing in on human misery and renewed their calls for windfall profits to fund renewable energy transitions.     

A recent scientific analysis by ETH Zurich University stated that carbon emissions from the world’s biggest fossil fuel firms were directly linked to fatal spells of hot weather. It found the emissions of the 14 biggest oil companies were enough to cause more than 50 heatwaves that would otherwise have been virtually impossible.   

“BP’s sky-high profits are a scandalous reminder of who’s been cashing in on human misery this year,” said Patrick Galey of  Global Witness, an investigative organization that exposes the fuel industry’s profits from what seems to be a manifesto driven by destruction. “While wildfires threaten communities across the world, drought bites and energy costs spiral, ordinary families are paying the price for big oil’s prioritization of shareholder wealth over a livable planet.”  He added: “It’s time to make oil giants pay up to repair the climate breakdown they are driving. Think of how many fire and flood defenses we could build, or how many solar panels we could install, if big oil paid their fair share in taxes.”