Oil industry profits during Iran war
The developments in this story so far, most recent first.
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Oil giants report record profits as Iran conflict drives prices higher
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Exxon and Chevron profits surge on rising oil prices due to Iran war
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Greenpeace had previously calculated excess profits in German fuel markets, reaching £1.18 billion by mid-April 2026.
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The Iran conflict began disrupting oil supplies through the Strait of Hormuz in early 2026.
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BP and Shell had previously announced plans to reduce oil and gas output, which were later reversed.
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ExxonMobil recorded its largest quarterly profit since the 2022 energy price surge caused by the invasion of Ukraine.
During the second quarter, ExxonMobil reported its largest quarterly profit since 2022, a period when the invasion of Ukraine caused oil profits and gas prices to soar.
The company's net profit for the quarter reached $14.5 billion, which was more than double the approximately $7.1 billion reported in the same quarter of the previous year. These increased earnings were reported alongside rising oil prices caused by the war in Iran.
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The EU and UK aggressively taxed oil companies following Russia's invasion of Ukraine.
In 2022, following Russia's invasion of Ukraine, the European Union and the United Kingdom each aggressively taxed oil companies.