{"id":1850,"date":"2026-08-04T14:30:10","date_gmt":"2026-08-04T14:30:10","guid":{"rendered":"https:\/\/www.asianewscast.com\/?p=1850"},"modified":"2026-08-04T14:30:10","modified_gmt":"2026-08-04T14:30:10","slug":"why-are-oil-companies-posting-record-profits-amid-iran-war-disruption","status":"publish","type":"post","link":"https:\/\/www.asianewscast.com\/?p=1850","title":{"rendered":"Why are oil companies posting record profits amid Iran war disruption?"},"content":{"rendered":"<div class=\"rich-share\" data-testid=\"rich-share\">\n<div class=\"rich-share__divider\">\n<div class=\"listen-to-article\"><button class=\"listen-to-article__button\" data-testid=\"listen-to-article-button\"><title>Listen<\/title>Listen (6 mins)<\/button><\/div>\n<div class=\"rich-share__update-reading-list-wrapper\">\n<div class=\"update-reading-list\">\n<p class=\"update-reading-list__button-text\">Save<\/p>\n<\/div>\n<div><\/div>\n<\/div>\n<div class=\"rich-share__wrapper\">\n<div 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href=\"https:\/\/twitter.com\/intent\/tweet?text=Why%20are%20oil%20companies%20posting%20record%20profits%20amid%20Iran%20war%20disruption%3F&amp;source=sharethiscom&amp;related=sharethis&amp;via=AJEnglish&amp;url=https%3A%2F%2Faje.news%2Fsrgafj\"><title>x<\/title><\/a><a class=\"rich-share__social-link row u-hidden--desktop\" target=\"_blank\" rel=\"noopener noreferrer\" aria-label=\"Share on Whatsapp\" href=\"\/\/send?text=https%3A%2F%2Faje.news%2Fsrgafj\"><title>whatsapp-stroke<\/title><\/a><a class=\"rich-share__social-link row copylink\" target=\"_blank\" rel=\"noopener noreferrer\" aria-label=\"Copy link\" href=\"https:\/\/aje.news\/srgafj\"><title>copylink<\/title><\/a><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"google-preferred-source\"><button class=\"google-preferred-source__button\" aria-label=\"Add Al Jazeera on Google\" data-testid=\"google-preferred-source-button\"><title>google<\/title><span class=\"google-preferred-source__text\">Add Al Jazeera on Google<\/span><\/button><button aria-label=\"See more of Al Jazeera\u2019s trusted journalism by adding us as a preferred source on Google.\" class=\"tooltip-accessible_trigger\"><title>info<\/title><\/button><\/div>\n<\/div>\n<div class=\"article-featured__media\">\n<figure class=\"article-featured-image\">\n<div class=\"responsive-image\"><img decoding=\"async\" loading=\"eager\" src=\"\/wp-content\/uploads\/2026\/08\/2026-07-22T180539Z_100274767_RC20JMASYQK4_RTRMADP_3_PAKISTAN-FUEL-1785845120.jpg?resize=770%2C513&amp;quality=80\" alt=\"pakistan\"><\/div><figcaption>People refuel their vehicles at a petrol station ahead of a nationwide strike called by petrol pump owners in protest against the daily fuel pricing mechanism, in Karachi, Pakistan, July 22, 2026 [Akhtar Soomro\/Reuters]<\/figcaption><\/figure>\n<\/div>\n<div class=\"article-info m--t-20 m--desktop-b-30 m--b-mobile-20\">\n<div class=\"byline byline--single-avatar\">\n<div class=\"avatars-container\"><a class=\"avatar\" aria-hidden=\"true\" href=\"\/author\/yashraj-sharma\"><\/p>\n<div class=\"responsive-image\"><img decoding=\"async\" loading=\"lazy\" src=\"\/wp-content\/uploads\/2025\/07\/WhatsApp-Image-2025-07-14-at-11.25.52-1752485308.jpeg?resize=96%2C96&amp;quality=80\" aria-hidden=\"true\"><\/div>\n<p><\/a><\/div>\n<div class=\"byline-content\">\n<div class=\"contributors-list contributors-list--byline\"><span class=\"contributors-list__by-prefix\">By <\/span><a href=\"\/author\/yashraj-sharma\">Yashraj Sharma<\/a><\/div>\n<\/div>\n<\/div>\n<div class=\"article-dates\">\n<div class=\"date-simple\"><span class=\"screen-reader-text\">Published On 4 Aug 2026<\/span><span aria-hidden=\"true\">4 Aug 2026<\/span><\/div>\n<\/div>\n<\/div>\n<div class=\"wysiwyg wysiwyg--all-content\" aria-live=\"polite\">\n<p>The closure of the critical Strait of Hormuz in the Middle East has disrupted global energy flows, causing oil prices to spiral for months and impacting energy markets worldwide.<\/p>\n<p>Thousands of miles away from the Persian Gulf, household prices have soared in the United States and Europe, as the so-called Big Oil companies bag astonishing profits from the fallout of the war on Iran.<\/p>\n<div class=\"recommended recommended__loading\">\n<div class=\"loading-cards\" data-testid=\"loading-cards\">\n<div class=\"loading-card keep-reading\"><\/div>\n<\/div>\n<\/div>\n<p>Companies like ExxonMobil, Chevron, Shell, and BP have climbed the ladder amid chaos, netting billions in profits as the war drags on with no end in sight, and with hostilities widening into the Red Sea.<\/p>\n<p>So, how much money have Big Oil companies made due to the Iran war?<\/p>\n<figure id=\"attachment_4828372\" aria-describedby=\"caption-attachment-4828372\" style=\"width:770px\" class=\"wp-caption aligncenter\"><img decoding=\"async\" data-recalc-dims=\"1\" loading=\"lazy\" class=\"size-arc-image-770 wp-image-4828372\" src=\"\/wp-content\/uploads\/2026\/08\/2026-08-04T053738Z_188766805_RC2T7KASRMG4_RTRMADP_3_OIL-ASIA-COLUMN-RUSSELL-1785845125.jpg?w=770&amp;resize=770%2C513&amp;quality=80\" alt=\"A drone view shows a Chinese-flagged oil tanker moored at an oil terminal at Tsing Yi port, with Tsing Ma bridge in the background, in Hong Kong, China on March 19, 2026\"><figcaption id=\"caption-attachment-4828372\" class=\"wp-caption-text\">A drone view shows a Chinese-flagged oil tanker moored at an oil terminal at Tsing Yi port, with Tsing Ma bridge in the background, in Hong Kong, China on March 19, 2026 [Joyce Zhou\/Reuters]<\/figcaption><\/figure>\n<h2 id=\"how-much-profit-are-big-oil-companies-making\">How much profit are Big Oil companies making?<\/h2>\n<p>The companies, most of whose majority of production and supply are far from the Strait of Hormuz, have been bagging huge profits.<\/p>\n<p><strong>ExxonMobil:<\/strong> The US\u2019s biggest oil company reported second-quarter earnings of $14.5bn, with adjusted earnings of $14.7bn, and marked its highest quarterly profits in four years.<\/p>\n<p>Its results were driven by elevated oil prices and stronger refining margins amid the war in Iran, even as those earnings actually fell short of Wall Street expectations due to production disruptions in Qatar.<\/p>\n<p><strong>Chevron:<\/strong> The US\u2019s second-biggest company reported second-quarter earnings of $12bn, its highest quarterly profit in six years, beating analysts\u2019 estimates.<\/p>\n<div class=\"container--ads in-article-ads\">\n<div class=\"ads\"><span class=\"ads__title\"> Advertisement <\/span><\/div>\n<\/div>\n<p>Reuters reported that rising global oil prices boosted both upstream and downstream operations, with upstream earnings surging 200 percent year-on-year to $8.2bn, while downstream earnings reached $4.9bn \u2013 Chevron\u2019s strongest performance since the early 2010s.<\/p>\n<p><strong>Shell:<\/strong> The British-Dutch group, which is Europe\u2019s biggest oil company, more than doubled its second-quarter earnings, reporting nearly $10bn in earnings and exceeding analysts\u2019 expectations, powered by increasing oil and gas prices and resilient liquefied natural gas (LNG) operations despite disruptions to some Middle East production.<\/p>\n<p><strong>TotalEnergies:<\/strong> The French oil giant\u2019s earnings rose by 67 percent in the second quarter, its best quarter in nearly three years, backed by higher oil prices and strong profit margins for refining chemicals, offsetting weaker LNG earnings.<\/p>\n<p><strong>BP:<\/strong> Another United Kingdom oil major reported second-quarter profit of $5.73bn, more than double the $2.35bn it earned a year earlier and above analysts\u2019 forecasts.<\/p>\n<p><strong>Saudi Aramco:<\/strong> The windfall extended beyond Western oil majors. Saudi Aramco, the world\u2019s largest state-owned oil producer, also reported sharply higher quarterly earnings \u2013 rising 44 percent year-on-year to $32.69bn. Saudi\u2019s East-West Pipeline has helped reduce the kingdom\u2019s reliance on the Strait of Hormuz for exports.<\/p>\n<figure id=\"attachment_4828376\" aria-describedby=\"caption-attachment-4828376\" style=\"width:770px\" class=\"wp-caption aligncenter\"><img decoding=\"async\" data-recalc-dims=\"1\" loading=\"lazy\" class=\"size-arc-image-770 wp-image-4828376\" src=\"\/wp-content\/uploads\/2026\/08\/2026-08-04T100150Z_1880230971_RC2Y8LA2H1I1_RTRMADP_3_SYRIA-USA-RUSSIA-OIL-1785845136.jpg?w=770&amp;resize=770%2C515&amp;quality=80\" alt=\"A man works during the unloading of oil from trucks arriving from Iraq at the Baniyas oil terminal, in Baniyas, Syria, May 14, 2026\"><figcaption id=\"caption-attachment-4828376\" class=\"wp-caption-text\">A man works during the unloading of oil from trucks arriving from Iraq at the Baniyas oil terminal, in Baniyas, Syria, May 14, 2026 [Mahmoud Hassano\/Reuters]<\/figcaption><\/figure>\n<h2 id=\"what-s-behind-the-profits-boom\">What\u2019s behind the profits boom?<\/h2>\n<p>Muyu Xu, a senior crude oil analyst at Kpler, told Al Jazeera that the average global benchmark price for crude oil traded on the Intercontinental Exchange stood at $96.68 per barrel in the second half of 2026, significantly higher than $78.38 per barrel in the first quarter and $66.71 per barrel in the second quarter of 2025.<\/p>\n<p>\u201cThis meant that oil producers, especially those whose exports were not affected by the Hormuz traffic bottleneck, were able to benefit from higher oil prices and stronger demand from countries and refiners seeking alternatives to Middle Eastern crude,\u201d she said.<\/p>\n<p>\u201cIn addition, oil companies with significant refining assets, particularly in the West, also benefitted from stronger refining margins, as higher refined product prices and tighter product supplies \u2013 caused by disruptions to Middle Eastern exports \u2013 boosted profitability,\u201d she added.<\/p>\n<p>US oil futures had an average closing price of around $92 per barrel from April through to June, about 27 percent higher than during the first quarter of the year.<\/p>\n<div class=\"container--ads in-article-ads\">\n<div class=\"ads\"><span class=\"ads__title\"> Advertisement <\/span><\/div>\n<\/div>\n<p>At least eight categories of the S&amp;P 500, Wall Street\u2019s benchmark stock index, are reporting double-digit earnings growth for the second quarter of 2026, led by the energy sector, which has recorded 135.3 percent year-on-year earnings growth, the highest of any sector in the index by a wide margin, according to data from financial data firm FactSet.<\/p>\n<p>The surge reflects how soaring oil prices during the Iran war translated into profits for oil and gas companies.<\/p>\n<p>Economists say that while average revenue in the sector rose because crude prices climbed, profits increased much faster as producers benefitted from operating leverage and stronger refining margins.<\/p>\n<p>It resulted in a windfall for the industry\u2019s largest companies.<\/p>\n<figure id=\"attachment_4828374\" aria-describedby=\"caption-attachment-4828374\" style=\"width:770px\" class=\"wp-caption aligncenter\"><img decoding=\"async\" data-recalc-dims=\"1\" loading=\"lazy\" class=\"size-arc-image-770 wp-image-4828374\" src=\"\/wp-content\/uploads\/2026\/08\/2026-08-04T062017Z_236817905_RC21KMACV4CS_RTRMADP_3_BP-RESULTS-1785845129.jpg?w=770&amp;resize=770%2C513&amp;quality=80\" alt=\"Unleaded fuel pumps at a BP service station in Sydney, Australia, July 24, 2026\"><figcaption id=\"caption-attachment-4828374\" class=\"wp-caption-text\">Unleaded fuel pumps at a BP service station in Sydney, Australia, July 24, 2026 [Hollie Adams\/Reuters]<\/figcaption><\/figure>\n<h2 id=\"how-has-this-affected-ordinary-people\">How has this affected ordinary people?<\/h2>\n<p>The impact of the war on Iran and rising crude prices has been costly for many.<\/p>\n<p>Petrol prices have averaged above $4 per gallon (3.8 litres) in the US, nearly 40 percent higher compared to pre-war rates, according to data from the American Automobile Association.<\/p>\n<p>In the UK, petrol prices rose further on Monday, hitting a new high of 160.85 British pence ($2.17) per litre, according to the Royal Automobile Club, surpassing its previous high. Diesel also rose above 180 pence ($2.43) per litre.<\/p>\n<p>The British economy is likely to shrink in 2027 if the Strait of Hormuz does not reopen to shipping before the middle of next year, forecasters at \u200caccounting advisory service EY warned on Monday.<\/p>\n<div style=\"display:block;position:relative;min-width:0px;max-width:770px\">\n<\/div>\n<h2 id=\"how-has-trump-reacted-to-these-profits\">How has Trump reacted to these profits?<\/h2>\n<p>So-called Big Oil remains one of the most powerful lobbying interests in Washington, where companies have long maintained extensive operations and political networks.<\/p>\n<p>As more record profits poured in from Big Oil companies minting billions of dollars, US President Donald Trump reacted furiously at the White House on Monday.<\/p>\n<p>Companies like ExxonMobil and Chevron, Trump said, are \u201cmaking too much money based on a shortage\u201d.<\/p>\n<p>\u201cI\u2019ll say it loud and clear: I\u2019m not happy about it,\u201d he told reporters.<\/p>\n<p>\u201cChevron, too much money. ExxonMobil, too much money,\u201d Trump said. \u201cThey\u2019re going to give some of that back to the public and they better cut the retail price, the consumer price.\u201d<\/p>\n<p>\u201cWhen you look at one company where they made 12 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,\u201d Trump said.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>ListenListen (6 mins) Save Click here to share on social media share-nodes Share facebookxwhatsapp-strokecopylink googleAdd Al Jazeera on Googleinfo People refuel their vehicles at a petrol station ahead of a nationwide strike called by petrol pump owners in protest against the daily fuel pricing mechanism, in Karachi, Pakistan, July 22, 2026 [Akhtar Soomro\/Reuters] By Yashraj [&hellip;]<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1850","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Why are oil companies posting record profits amid Iran war disruption? 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