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Oil Companies Report Higher Profits; Middle East Conflict Disrupts Supply
Major energy firms have seen significant profit increases in the first quarter of 2026 due to elevated oil prices stemming from the U.S.-Israel war on Iran. BP reported $3.2 billion in profits, more than double the previous year's figure, amid ongoing closures in the Strait of Hormuz. Advocacy groups have criticized the gains and called for windfall taxes as global gasoline prices rise.
Apr 28, 6:00 PM·2m read1 source
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mid-March 2026, two weeks after the start of the U.S.-Israel war on Iran, the market capitalization of the world's six largest energy firms increased by a combined $130 billion, according to calculations by the Guardian. BP, a U.K.-based energy company, reported $3.2 billion in profits for the first quarter of 2026, compared to $1.38 billion in the same period of 2025.
The company announced these results on Tuesday. Other firms, including Shell and TotalEnergies, have indicated expectations of higher profits for the quarter, with Shell set to release results on May 7 and TotalEnergies on Wednesday.
The Strait of Hormuz remains impassable, locking up one-fifth of the world's petroleum in the Persian Gulf. Oil prices rose from $73 per barrel before the war to over $100 in its early days, with Brent crude currently at around $110 per barrel. Iranian air strikes have damaged gas production sites in the Gulf, affecting natural gas outlook, though higher oil prices have offset this for companies.
An analysis by the Guardian and Rystad Energy found that the top 100 oil and gas companies earned an extra $30 million per hour during the war's first month due to higher prices. If prices stay around $100 per barrel, annual profits could reach $264 billion, according to the analysis.
Oxfam International reported that six major fossil fuel companies—Chevron, Shell, BP, ConocoPhillips, Exxon, and TotalEnergies—are earning nearly $3,000 per second in 2026, projecting total profits of $94 billion for the year, $37 million more per day than in 2025.
