Why are oil companies posting record profits amid Iran war disruption?
Summary
The war around Iran has disrupted oil supply routes, causing oil prices to rise worldwide. Major oil companies like ExxonMobil, Chevron, Shell, BP, and Saudi Aramco have earned record profits in the past quarter due to higher oil prices and increased demand outside the conflict area.Key Facts
- The Strait of Hormuz closure reduced oil flows, pushing global oil prices higher.
- ExxonMobil earned $14.7 billion in adjusted profits in the latest quarter.
- Chevron made $12 billion, its highest quarterly profit in six years.
- Shell nearly doubled its earnings to about $10 billion amid rising oil and gas prices.
- BP’s profit more than doubled to $5.73 billion compared to the previous year.
- Saudi Aramco’s earnings rose by 44% to $32.69 billion.
- Higher refining margins also boosted profits for companies with refining operations, especially outside the Middle East.
- Global benchmark oil prices averaged $96.68 per barrel in the second half of 2026, up from $66.71 in the second quarter of 2025.
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