Oil majors see Q2 profit surge amid Iran conflict

Major American and European oil companies reported massive profit surges in the second quarter of 2026, a direct result of soaring crude prices driven by a six-month conflict involving Iran that has severely disrupted global energy supplies. The ongoing hostilities, which began in late February, have effectively shut down the Strait of Hormuz, a critical waterway that previously carried one-fifth of the world's oil and natural gas.

Exxon Mobil announced on July 31 that its second-quarter profits doubled to $14.53 billion, a 105% increase from the same period last year, while revenue rose 42% to $116.02 billion. Chevron reported its profits nearly quadrupled to $12.07 billion, a 385% jump, with revenue up 56% to $70.06 billion. Six of Europe's largest oil companies collectively posted first-quarter profits of $22 billion, a 43% increase year-over-year, according to the nonprofit Global Witness.

The supply shock has propelled international benchmark Brent crude from around $70 per barrel before the conflict to above $100 for much of the spring, peaking at $126. Prices have recently hovered between $80 and $90. This surge has translated into higher costs for consumers worldwide....