Eight Oil Firms Reap $93 Billion in Q2 Profits as Iran War Lifts Crude Above $126
Updated
Updated · The Guardian · Aug 4
Eight Oil Firms Reap $93 Billion in Q2 Profits as Iran War Lifts Crude Above $126
3 articles · Updated · The Guardian · Aug 4
Summary
$93 billion in combined Q2 profit flowed to eight major oil companies in the first full quarter after the US-Israeli war on Iran, nearly doubling from just under $50 billion a year earlier.
Oil prices above $126 a barrel drove the windfall, with the group earning more than $700,000 a minute and adding roughly $600 billion in market value to top $3 trillion.
Aramco led with more than $33 billion after a 34% rise; ExxonMobil made $14.5 billion, Chevron $12.2 billion, Shell $9.84 billion and BP $5.73 billion, its highest since 2022.
Those gains reignited demands from campaigners for higher taxes and climate reparations, while Trump also accused Chevron and Exxon of profiting excessively from his Iran war.
The backlash comes as deadly heat, drought, wildfires and floods intensify worldwide, with Europe’s latest heatwave linked to about 20,000 deaths and scientists again tying extreme weather to fossil-fuel emissions.
Why did eight oil giants make $93bn in one quarter as heatwaves worsened and war shook the Strait of Hormuz?
Are record oil profits funding the energy transition—or helping delay it while households pay more and climate damages mount?
If clean energy cut heatwave power costs, why does the world still reward fossil-fuel companies most during crisis?
$93 Billion in Q2 Oil Profits: Geopolitical Shocks, Supply Disruptions, and the Battle Over Windfall Taxes
Overview
In Q2 2026, the outbreak of the U.S.-Israeli war on Iran triggered severe disruptions in global fossil fuel supplies and maritime trade routes, causing oil prices to soar above $126 a barrel. This turmoil enabled the world’s largest oil producers to nearly double their profits to $93 billion, with companies like ExxonMobil and Chevron seeing record gains. The crisis also led to skyrocketing shipping and insurance costs, logistical bottlenecks, and a sharp depletion of global oil inventories. As governments scrambled to shield consumers with subsidies and rationing, oil majors prioritized shareholder payouts and fossil fuel investments, sparking heated debates over windfall taxes and the future of the green transition.