From Shell to Glencore: The winners of the Iran war are already determined

Energy giants are capitalizing on the global supply crisis triggered by the Iran conflict, reporting substantial profits. Shell, Europe's largest oil and gas producer, announced a second-quarter adjusted profit of $9.8 billion, more than double the previous year's figure. This surge is attributed to soaring oil prices, with Brent crude averaging $104 per barrel in the second quarter, up from $81 in the first. Shell's refineries operated at record capacity to meet demand for products like kerosene. Similarly, French company Total Energies reported a two-thirds jump in its second-quarter adjusted profit to $6 billion, its best result in nearly three years. The crisis has made not only crude oil but also refined products like gasoline and diesel unusually expensive. This is partly because refineries worldwide, not just those in the Persian Gulf, are facing limitations, increasing the profitability of products like diesel and kerosene. Commodity traders like Glencore are also benefiting from the volatile market conditions.

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We are in a situation of complete humanitarian and social emergency.