Oil Giants Profit $93 Billion From Iran War

Oil prices have soared as the Strait of Hormuz remains nearly closed, creating a major disruption in global trade. This bottleneck has pushed fossil fuel prices higher, boosting profits for energy companies in the United States and Europe. While some firms are increasing production to fill the gap, the market has rewarded a select few with record earnings.

The eight companies assessed—Aramco, BP, Shell, Equinor, TotalEnergies, Eni, Chevron, and ExxonMobil—have almost doubled their combined profits compared to the second quarter of 2025. That previous figure was just below $50 billion. The rise in crude prices has driven up consumer energy bills globally while the companies continue to generate massive revenue. This dynamic has renewed calls for windfall taxes, with governments looking to levy higher charges to subsidize energy costs and environmentalists arguing extra taxes could help repair climate damage.

BP reported a second-quarter profit of $5.73 billion, almost double what it made during the same period last year. The British oil major achieved its highest quarterly net income since the third quarter of 2022, surpassing analyst forecasts across all units. Aramco benefited the most from the price increase, seeing a 34% rise in quarterly net income to over $33 billion. Even after damage to its infrastructure from Iranian and Houthi drone and missile strikes, Saudi Arabia’s Aramco reported record oil sales, making it responsible for more carbon emissions than any company in history.

Meanwhile, U.S. major Chevron posted its highest quarterly profit in at least six years. Adjusted earnings reached $12 billion, with $8.2 billion coming from upstream operations. This figure represents a 200% increase compared to the previous year. Chevron’s Chief Financial Officer, Eimear Bonner, noted that the company continues to deliver reliable energy despite the ongoing geopolitical uncertainty and market volatility.

The high earnings come at a time when consumers face rising inflation and economic challenges. Even President Donald Trump, a long-time supporter of the oil and gas industry, critiqued U.S. majors ExxonMobil and Chevron for making “too much money” on high crude prices. The President stated at the White House that the firms are profiting from a shortage and that he does not like it, despite his usual stance on free enterprise.

The record profits have triggered a wave of criticism from environmentalists and political leaders. Patrick Galey, the fossil fuel lead at the international NGO Global Witness, called BP’s earnings a “scandalous reminder of who’s been cashing in on human misery.” Galey argued that it is time to make oil giants pay to repair the climate breakdown they are driving. As the war in the region continues and the Strait of Hormuz remains restricted, these companies are expected to maintain their financial performance.

Record earnings for eight major firms have been reported this year. The surge followed the U.S.-Israeli attack on Iran and the subsequent war. The disruption in the Strait of Hormuz, the waterway connecting Asia and Europe, represents the biggest supply shock in the market’s history. As companies from the U.S., Europe, and the Middle East step in to fill the void, a specific group of majors has come out on top.