Oil Majors Reap $93 Billion Windfall From the Iran War
Oracle’s $165 Billion Data Center Plan Hits a Gas Pipeline Delay Sodium-ion batteries are gaining momentum… Felicity Bradstock is a writer and journalist based in Mexico City.
She writes for energy websites and covers several other industries, as well as writing… Oil prices have soared in recent months as a result of the almost complete closure of the Strait of Hormuz, a key trade corridor connecting Asia and Europe.
High fossil fuel prices have helped to drive up the profits of oil and gas companies around the globe, particularly in the United States and Europe.
As a few companies boost production to fill the gap, some oil majors have seen record earnings in the first half of the year, a trend that is expected to continue for as long as Hormuz trade remains restricted.
Eight of the largest oil firms achieved combined profits of over $90 billion in the three months from April to June, following the U.S.-Israeli attack on Iran and the subsequent war.
Iran’s decision to close the Strait of Hormuz, the waterway between Oman and Iran that connects the Persian Gulf with the Gulf of Oman and the Arabian Sea, has led to thebiggest disruption of fossil fuel supplies in the market’s history.
As a few oil majors from the United States, Europe, and the Middle East step in to fill the gap and oil prices are pushed higher, a few companies have come out on top.
The phenomenon has also demonstrated that the world remains overly dependent on fossil fuels, with countries willing to pay a premium to secure their oil and gas supplies in the face of major global shortages.
Environmentalists are concerned about what this reliance means for climate change, as greenhouse emissions remain high.
The lack of energy diversification and the heavy dependence on fossil fuels also poses a threat to energy security for many countries.
The eight companies assessed – Aramco, BP, Shell, Equinor, TotalEnergies, Eni, Chevron, and ExxonMobil – have almost doubled their combined profits, from just below $50 billion in the second quarter of 2025.
The increase in oil prices has driven up consumer energy bills worldwide, while oil companies continue to profit.
| Product | Price | Change |
|---|---|---|
| Brent Crude | $102.14/bbl | +0.34% |
| WTI Crude | $96.90/bbl | +0.21% |
| EN590 Diesel | $846/MT | +0.18% |
| Jet Fuel A-1 | $1090/MT | +0.55% |
| Mazut M100 | $450/MT | -0.15% |
| Bitumen 60/70 | $470/MT | +0.08% |
| Sulphur Gran 99.5% | $470/MT | -0.44% |
| Urea 46% Gran | $650/MT | +1.12% |
| NPK 16-16-16 | $460/MT | -0.28% |
| Nat Gas TTF | $15.42/MMBtu | +0.92% |
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