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U.S. Oil Giants Reap Over $130 Billion in Profits During Iran War
· Confirmed
In Short: Eight major oil companies reported record profits amid the ongoing conflict in Iran and climate crisis.
Eight major oil companies have reported record profits totaling over $130 billion during the ongoing conflict in Iran, according to a new report.
BP, Shell, Equinor, Saudi Aramco, Chevron, and ExxonMobil are among the companies that have seen significant gains, with some profits more than doubling from the previous year.
BP alone reported a quarterly profit of $5.73 billion, the highest since the start of the Russia-Ukraine war.
Saudi Aramco generated the highest profits, with a 34 percent increase in its quarterly net income to more than $33 billion.
Shell recorded its second-highest quarterly profits ever, while Equinor’s profits soared to $3.2 billion, up from $1.8 billion in the same period last year.
The surge in profits has been attributed to disruptions in the Middle East and the closure of the Strait of Hormuz, which have sidelined about 10 percent of the world’s fuel-making capacity.
ExxonMobil reported doubling its second-quarter profits to $14.53 billion, up 105 percent from the same time a year ago, while Chevron nearly quadrupled its profits to $12.07 billion.
The fighting in the Middle East and Ukrainian strikes in Russia have handed enormous profits to operational plants, with the five leading oil supermajors recording $48 billion in profit in the second quarter of 2026.
The war with Iran has been very lucrative for American oil companies, which have earned more than $130 billion in profit as people pay much higher prices for gasoline, diesel, and other fuel.
Motorists’ pain at the pump is providing outsize profits for oil supermajors while fanning discontent as President Trump and his Republican Party head into midterm elections that will determine control of Congress.
What this adds
The profits reported by US companies have elicited criticism from Donald Trump, who accused the oil giants of 'making too much money' from the Iran war.
Background
The U.S. oil and gas industry has earned over $130 billion in profits since the start of the war with Iran, according to a new report.
Eight major oil companies reported record profits amid the ongoing conflict in Iran and climate crisis.
What's confirmed
- Eight major oil companies have reported record profits totaling over $130 billion during the ongoing conflict in Iran, according to a new report.
- BP, Shell, Equinor, Saudi Aramco, Chevron, and ExxonMobil are among the companies that have seen significant gains, with some profits more than doubling from the previous year.
- BP alone reported a quarterly profit of $5.73 billion, the highest since the start of the Russia-Ukraine war.
- Saudi Aramco generated the highest profits, with a 34 percent increase in its quarterly net income to more than $33 billion.
- Shell recorded its second-highest quarterly profits ever, while Equinor’s profits soared to $3.2 billion, up from $1.8 billion in the same period last year.
- The surge in profits has been attributed to disruptions in the Middle East and the closure of the Strait of Hormuz, which have sidelined about 10 percent of the world’s fuel-making capacity.
- ExxonMobil reported doubling its second-quarter profits to $14.53 billion, up 105 percent from the same time a year ago, while Chevron nearly quadrupled its profits to $12.07 billion.
- The fighting in the Middle East and Ukrainian strikes in Russia have handed enormous profits to operational plants, with the five leading oil supermajors recording $48 billion in profit in the second quarter of 2026.
- The war with Iran has been very lucrative for American oil companies, which have earned more than $130 billion in profit as people pay much higher prices for gasoline, diesel, and other fuel.
- Motorists’ pain at the pump is providing outsize profits for oil supermajors while fanning discontent as President Trump and his Republican Party head into midterm elections that will determine control of Congress.
What's still developing
- Official magazine of the Royal Geographical Society (with IBG) Eight of the biggest oil companies made profits of more than £67billion in just three months, amid the war in Iran and the ongoing climate crisis.
- ‘Amassing $5.7 billion (£4.24bn) in profits shows how corporate gains have become entirely divorced from the public good – ordinary people are feeling the heat when it should be the polluters paying the price,’ said Greenpeace political campaigner Angharad Hopkinson.
- Record profits have translated to rising prices for consumers on the ground.
- With three full months of supply disruption and price inflation, the Big five were able to more than double their Q1 profits of $22 billion.
- 28, according to an analysis by Brown University’s Climate Solutions Lab.
- The blockbuster oil profits this year highlight long-standing concerns about who gains, and who pays the price, when wars interrupt the flow of energy.
- It does not reflect profits earned in March, the first month of the war, or in October.
- Big Oil reaped more than $50 billion in windfall profits as conflicts in the Persian Gulf and Russia roiled energy markets and drove refining results to record highs.
- Six of Europe’s largest oil companies posted first-quarter profits of $22 billion altogether, a total which was 43% higher than the same time last year, according to Global Witness, a nonprofit organization that investigates environmental problems.
- In late July, refineries planning to buy a barrel of oil for about $80 were looking at potential profits of $50-$60, which is huge compared to the average range of $20-$25, he said.
- "The return on refining, on a percentage basis, has skyrocketed," Seng said.
- ExxonMobil, which operates the largest refining system outside China, reported its fourth-highest overall profit in the company’s 156-year history.