Oil giants Saudi Aramco and BP profit from high energy prices amid Middle East crisis

Global oil giants Saudi Aramco and BP have capitalized on the ongoing energy crisis, reporting substantial profit surges in the second quarter of 2026. The conflicts in the Middle East, including disruptions in the Strait of Hormuz, have led to a scarcity of oil and refined fuels, allowing these companies to significantly raise prices.

Saudi Aramco, the state-owned Saudi oil company, saw its adjusted profit climb by a third to $29 billion. The company benefited from increased oil prices and managed to circumvent shipping blockades via an internal pipeline, ensuring continued supply despite the regional instability. However, production was impacted by attacks on its facilities.

British energy firm BP also experienced a dramatic increase in earnings, with adjusted profits soaring 144% to $5.73 billion. Despite this success, BP's new CEO, Meg O'Neill, expressed dissatisfaction with past performance and announced a strategic reorientation. This includes a reduced focus on renewable energy, with BP initiating the sale of its US biogas business and planning to withdraw from oil and gas production in the North Sea.

BP now anticipates investments between $13.5 billion and $14 billion for the current year, signaling a continued, albeit potentially altered, engagement with the energy market. The company's strategic adjustments come as global energy markets remain volatile due to geopolitical tensions.

“

We are not fulfilling our potential. Our performance in recent years has not met our own expectations, let alone those of our shareholders.