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Oil majors see $90B+ combined profits amid Strait of Hormuz disruption
Yahoo Finance reports eight major oil firms recorded combined profits of over $90 billion in April to June, with Brent rising from about $68 a barrel in February to nearly $100 in May.
Oil prices surged in recent months after the Strait of Hormuz faced near complete closure, disrupting a key shipping corridor between Asia and Europe, according to Yahoo Finance. The resulting jump in fossil fuel prices has boosted profits for oil and gas companies, particularly in the United States and Europe.
Yahoo Finance reports that eight of the largest oil firms saw combined profits of more than $90 billion in the three months from April to June following the U.S. Israeli attack on Iran and the ensuing war. It also said the group of Aramco, BP, Shell, Equinor, TotalEnergies, Eni, Chevron, and ExxonMobil almost doubled combined profits from just under $50 billion in the second quarter of 2025.
The source attributed the market impact to Iran’s decision to close the waterway between Oman and Iran that connects the Persian Gulf with the Gulf of Oman and the Arabian Sea. It said the disruption is the biggest fossil fuel supply breakdown in the market’s history and helped lift oil prices as producers moved to fill the gap.
Yahoo Finance added that the higher oil prices have pushed up consumer energy bills worldwide, while oil companies continue to benefit, reviving calls for windfall taxes. It also cited environmental concern about continued high greenhouse emissions and the risk of energy security issues tied to heavy fossil fuel dependence.