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Eight major oil giants' combined profits exceeded $90 billion in the second quarter during the Iran war, doubling from the same period last year.
After Israeli and US attacks on Iran and the subsequent outbreak of war, Iran decided to close the Strait of Hormuz, leading to the largest disruption in fossil fuel supply in market history. This drove oil prices to soar, with Brent crude rising from around $68 per barrel at the end of February to nearly $100 by May. The combined profits of eight companies—Saudi Aramco, BP, Shell, Equinor, TotalEnergies, Eni, Chevron, and ExxonMobil—exceeded $90 billion between April and June, almost double the less than $50 billion recorded in Q2 2025. US President Donald Trump criticized ExxonMobil and Chevron for "making too much money" from high crude oil prices.
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