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Major oil firms post nearly $93bn profits after Iran boosts oil prices
The three-month gain comes after oil prices surged to above $126 a barrel following the US-Israeli war on Iran, lifting combined profits to almost $93bn by end-June.
Major listed oil and gas companies generated nearly $93 billion in profits in the three months through the end of June, as the Iran conflict pushed global energy prices higher, according to Guardian Business analysis.
The outlet said eight of the biggest producers made almost $93 billion in that spring quarter, described as the first full financial quarter after the US-Israeli war on Iran triggered a surge in oil prices to highs above $126 a barrel.
The analysis also linked the windfall to intensifying climate impacts, citing Europe’s worst ever heatwave and arguing that emissions from major fossil fuel firms are tied to deadly hot weather, with campaigners renewing calls for companies to fund environmental damage and a faster shift to renewables.
The companies named were Saudi Aramco, BP, Shell, Equinor, TotalEnergies, Eni, Chevron, and ExxonMobil, with Guardian Business adding that their combined profits were almost double those in the same period last year.