Hormuz closure sparks energy supply shock, doubling oil majors’ quarterly profits.
Eight of the world’s largest oil producers reported combined profits of $93 billion in the second quarter of 2026, nearly double their earnings during the same period last year, as the Iran war and disruption to shipping through the Strait of Hormuz pushed oil prices higher.
The figures, reported by OilPrice.com, cover Saudi Aramco, BP, Shell, Equinor, TotalEnergies, Eni, Chevron and ExxonMobil.
Their combined profits rose from just under $50 billion in the second quarter of 2025, highlighting the scale of the energy windfall.
The surge came as the conflict, which began in late February, disrupted one of the world’s most important energy corridors and heightened concerns over global oil supplies.
The International Energy Agency (IEA) has described the resulting supply shock as the largest disruption in the history of the global oil market. Crude oil and refined-product flows through the Strait of Hormuz have fallen from around 20 million barrels a day before the conflict to almost a complete standstill.
Aramco leads the windfall
Saudi Aramco recorded the biggest increase among the companies highlighted in the report. Its second-quarter net income rose 34% to more than $33 billion, supported by higher oil prices and increased sales volumes.
BP also reported a significant improvement, with second-quarter profit reaching $5.73 billion — nearly double the figure from a year earlier and its highest quarterly net profit since the third quarter of 2022, according to the report.
Chevron reported $12 billion in adjusted earnings, including $8.2 billion from its upstream operations, with quarterly profit reaching its highest level in at least six years.
Oil prices surge — then retreat
The war sent crude prices sharply higher during the spring. Brent crude, the global benchmark, was trading at around $68 a barrel at the end of February before approaching $100 a barrel in May, according to OilPrice.com.
The oil market has remained highly volatile, with hopes of a US-Iran settlement alternating with renewed concerns over disruptions in the Strait of Hormuz.
On August 17, Brent crude was trading at around $89 a barrel, after gaining roughly 6% the previous week. West Texas Intermediate (WTI) was near $83 a barrel.
Oil prices were supported by stalled US-Iran negotiations and a sharp decline in tanker traffic through the Strait of Hormuz. Only five vessels crossed the waterway on Saturday and none on Sunday, compared with 31 during the previous weekend, Reuters reported.
The UAE has also accused Iran of attacking a third tanker operated by Abu Dhabi National Oil Co., adding to concerns over further disruption to regional energy supplies.
Why the profits matter
The earnings highlight the sharp divide created by the energy crisis: oil producers are benefiting from higher prices, while consumers, airlines, manufacturers and transport companies are facing rising energy and shipping costs.
The International Energy Agency estimates that around 20 million barrels a day of crude oil and petroleum products normally pass through the Strait of Hormuz, equivalent to roughly one-fifth of global oil consumption.
The disruption has also affected markets for diesel, jet fuel and LPG, pushing up costs well beyond the crude oil market and increasing pressure on businesses and consumers.
Although alternative export routes, strategic reserves and additional production have helped cushion the supply shock, the International Energy Agency says the near-closure of the Strait of Hormuz remains the biggest risk to global energy security.
Windfall-tax debate returns
The oil majors’ exceptional earnings have revived calls for governments to introduce or increase windfall taxes on energy companies.
Critics argue that producers are benefiting from a geopolitical crisis that has pushed up energy costs for households and businesses.
The issue has also drawn criticism from US President Donald Trump, who said on August 3 that ExxonMobil and Chevron were making “too much money” from the supply shortage.
Oil companies, meanwhile, argue that their earnings reflect the need to maintain energy supplies during a period of severe market disruption. They say stronger profits help support investment, production and returns for shareholders.
The bigger energy-security lesson
The windfall also highlights the vulnerabilities created by continued dependence on oil and gas.
The International Energy Agency estimates that cumulative oil supply losses from Middle Eastern producers have exceeded 1.3 billion barrels since the start of the war. It said oil flows through the Strait of Hormuz averaged only about 2.7 million barrels a day between March and May, compared with roughly 20 million barrels a day before the conflict.
For governments, the crisis has therefore become more than a question of fuel prices. It has exposed wider concerns over energy security, supply-chain resilience and the risks of relying heavily on a single strategic shipping route.
The crisis has accelerated discussions around strategic reserves, alternative shipping routes, domestic energy production, renewable power, electrification and greater diversification of energy supplies.
For the oil majors, however, the immediate picture is markedly different: one of the world’s most severe energy disruptions has delivered one of the industry’s biggest profit increases in years.
