TotalEnergies SE reported its second-quarter adjusted net income rose 67% year-over-year to $6 billion, its best quarter in nearly three years. The surge was primarily attributed to the Iran war, which pushed crude and gas prices to multi-year highs and boosted European refining margins due to Hormuz Strait disruptions. Refining and chemicals income increased 362% to $1.8 billion, while exploration and production earnings climbed 64% to $3.2 billion. Separately, TotalEnergies and Eni made a final investment decision on the Cronos gas field off Cyprus, with production expected to start in 2028. The EU also reversed a previous decision, allowing TotalEnergies to continue transferring Russian LNG from its Yamal stake to Asian buyers under certain conditions.