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🇸🇪 Sweden /Conflict & Security

Iran Conflict Fuels Record Profits for Global Oil Giants

From Svenska Dagbladet · () Swedish

Translated from Swedish, summarized and contextualized by DistantNews.

At a glance

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  • Eight major oil companies collectively earned nearly $93 billion in profit during the second quarter of 2026.
  • This surge in profits followed a significant disruption in oil markets due to the conflict between the US and Iran, which caused Brent crude prices to exceed $120 per barrel.
  • The disruption, described as the largest in oil market history, led to oil giants earning an estimated $700,000 per minute during the period.

The ongoing conflict between the United States and Iran, and the subsequent closure of the Strait of Hormuz, has proven to be a lucrative period for the world's largest oil corporations. A calculation reveals that eight major oil giants raked in profits exceeding $93 billion in the second quarter of 2026 alone.

The analysis, based on reporting from The Guardian, indicates that 2026 is shaping up to be a banner year for the oil industry. When the US and Iran's conflict, which began in late February, led to the paralysis of one-fifth of global oil transport, Brent crude prices soared, reaching over $120 per barrel at their peak. Industry insiders have labeled the closure of the strait as the most significant disruption to the oil market in history.

During the April-June quarter, the eight largest oil companies, Aramco, BP, Shell, Equinor, TotalEnergies, Eni, Chevron, and ExxonMobil, collectively reported profits nearing $93 billion. This translates to an astonishing average earning of approximately $700,000 per minute over those three months.

Annnorlunda tjänade bolagen 700 000 dollar per minut under de tre månaderna.

— AnalysisThis illustrates the immense profitability by calculating earnings per minute.
DistantNews Editorial

Originally published by Svenska Dagbladet in Swedish. Translated, summarized, and contextualized by our editorial team with added local perspective. Read our editorial standards.

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