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Big oil firms made $93bn profit in three months as Iran conflict lifted prices
The reporting also ties the surge to climate impacts, citing deadly heatwaves alongside the emissions-fuelled crisis.
Last week, Guardian Business journalists Jillian Ambrose and Damian Carrington published a front page piece highlighting that eight of the biggest oil firms generated $93bn in profits over three months. The outlet links the windfall to the Iran conflict, which pushed energy prices higher, and to the broader climate crisis, which it says has intensified extreme heat.
The Guardian said the pair would be available for a reader Q&A at 2pm BST to discuss the reporting and “how the oil markets work.” It also noted the scope of the coverage included how some of these companies have stepped back from clean energy transition commitments.
Beyond the profit findings, the outlet pointed to Ambrose’s earlier reporting on increased solar power demand in the UK and to coverage of a political dispute over how Great Britain’s grid operator was managed during recent heatwaves.
The Guardian added that Carrington’s environment work includes looking at how the climate crisis has accelerated the scale of Europe’s summer heatwaves, along with other climate related features.