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The closure of the critical Strait of Hormuz in the Middle East has disrupted global energy flows, causing oil prices to spiral for months and impacting energy markets worldwide.
Thousands of miles away from the Persian Gulf, household prices have soared in the United States and Europe, as the so-called Big Oil companies bag astonishing profits from the fallout of the war on Iran.
Companies like ExxonMobil, Chevron, Shell, and BP have climbed the ladder amid chaos, netting billions in profits as the war drags on with no end in sight, and with hostilities widening into the Red Sea.
So, how much money have Big Oil companies made due to the Iran war?
A drone view shows a Chinese-flagged oil tanker moored at an oil terminal at Tsing Yi port, with Tsing Ma bridge in the background, in Hong Kong, China on March 19, 2026 [Joyce Zhou/Reuters]How much profit are Big Oil companies making?
The companies, most of whose majority of production and supply are far from the Strait of Hormuz, have been bagging huge profits.
ExxonMobil: The US’s biggest oil company reported second-quarter earnings of $14.5bn, with adjusted earnings of $14.7bn, and marked its highest quarterly profits in four years.
Its results were driven by elevated oil prices and stronger refining margins amid the war in Iran, even as those earnings actually fell short of Wall Street expectations due to production disruptions in Qatar.
Chevron: The US’s second-biggest company reported second-quarter earnings of $12bn, its highest quarterly profit in six years, beating analysts’ estimates.
Reuters reported that rising global oil prices boosted both upstream and downstream operations, with upstream earnings surging 200 percent year-on-year to $8.2bn, while downstream earnings reached $4.9bn – Chevron’s strongest performance since the early 2010s.
Shell: The British-Dutch group, which is Europe’s biggest oil company, more than doubled its second-quarter earnings, reporting nearly $10bn in earnings and exceeding analysts’ expectations, powered by increasing oil and gas prices and resilient liquefied natural gas (LNG) operations despite disruptions to some Middle East production.
TotalEnergies: The French oil giant’s earnings rose by 67 percent in the second quarter, its best quarter in nearly three years, backed by higher oil prices and strong profit margins for refining chemicals, offsetting weaker LNG earnings.
BP: Another United Kingdom oil major reported second-quarter profit of $5.73bn, more than double the $2.35bn it earned a year earlier and above analysts’ forecasts.
Saudi Aramco: The windfall extended beyond Western oil majors. Saudi Aramco, the world’s largest state-owned oil producer, also reported sharply higher quarterly earnings – rising 44 percent year-on-year to $32.69bn. Saudi’s East-West Pipeline has helped reduce the kingdom’s reliance on the Strait of Hormuz for exports.
A man works during the unloading of oil from trucks arriving from Iraq at the Baniyas oil terminal, in Baniyas, Syria, May 14, 2026 [Mahmoud Hassano/Reuters]What’s behind the profits boom?
Muyu Xu, a senior crude oil analyst at Kpler, told Al Jazeera that the average global benchmark price for crude oil traded on the Intercontinental Exchange stood at $96.68 per barrel in the second half of 2026, significantly higher than $78.38 per barrel in the first quarter and $66.71 per barrel in the second quarter of 2025.
“This meant that oil producers, especially those whose exports were not affected by the Hormuz traffic bottleneck, were able to benefit from higher oil prices and stronger demand from countries and refiners seeking alternatives to Middle Eastern crude,” she said.
“In addition, oil companies with significant refining assets, particularly in the West, also benefitted from stronger refining margins, as higher refined product prices and tighter product supplies – caused by disruptions to Middle Eastern exports – boosted profitability,” she added.
US oil futures had an average closing price of around $92 per barrel from April through to June, about 27 percent higher than during the first quarter of the year.
At least eight categories of the S&P 500, Wall Street’s benchmark stock index, are reporting double-digit earnings growth for the second quarter of 2026, led by the energy sector, which has recorded 135.3 percent year-on-year earnings growth, the highest of any sector in the index by a wide margin, according to data from financial data firm FactSet.
The surge reflects how soaring oil prices during the Iran war translated into profits for oil and gas companies.
Economists say that while average revenue in the sector rose because crude prices climbed, profits increased much faster as producers benefitted from operating leverage and stronger refining margins.
It resulted in a windfall for the industry’s largest companies.
Unleaded fuel pumps at a BP service station in Sydney, Australia, July 24, 2026 [Hollie Adams/Reuters]How has this affected ordinary people?
The impact of the war on Iran and rising crude prices has been costly for many.
Petrol prices have averaged above $4 per gallon (3.8 litres) in the US, nearly 40 percent higher compared to pre-war rates, according to data from the American Automobile Association.
In the UK, petrol prices rose further on Monday, hitting a new high of 160.85 British pence ($2.17) per litre, according to the Royal Automobile Club, surpassing its previous high. Diesel also rose above 180 pence ($2.43) per litre.
The British economy is likely to shrink in 2027 if the Strait of Hormuz does not reopen to shipping before the middle of next year, forecasters at accounting advisory service EY warned on Monday.
How has Trump reacted to these profits?
So-called Big Oil remains one of the most powerful lobbying interests in Washington, where companies have long maintained extensive operations and political networks.
As more record profits poured in from Big Oil companies minting billions of dollars, US President Donald Trump reacted furiously at the White House on Monday.
Companies like ExxonMobil and Chevron, Trump said, are “making too much money based on a shortage”.
“I’ll say it loud and clear: I’m not happy about it,” he told reporters.
“Chevron, too much money. ExxonMobil, too much money,” Trump said. “They’re going to give some of that back to the public and they better cut the retail price, the consumer price.”
“When you look at one company where they made 12 times what they made the year before, they ought to give some of that back to the public, and they better cut the retail price, the consumer price,” Trump said.
