Oil Giants Post $93B Profits Amid War and Climate Crisis 2026

Major oil companies amassed $93 billion in profits in just three months, as the Iran conflict sent energy prices soaring and the climate crisis worsened. This windfall has reignited calls for oil giants to fund renewable energy and pay for environmental damage. The Guardian's analysis of eight listed oil producers reveals a near doubling of combined profits compared to the same period last year.

Record Profits Amid Global Turmoil

The eight companies—Saudi Aramco, BP, Shell, Equinor, TotalEnergies, Eni, Chevron, and ExxonMobil—reported combined net income of nearly $93 billion for the quarter ending June 30. This surge was driven by oil prices exceeding $126 per barrel after the US-Israeli war on Iran disrupted fossil fuel supplies. The companies made over $700,000 in profit every minute during the spring quarter.

While their market valuations swelled by about $600 billion to surpass $3 trillion, deadly heatwaves intensified across the globe, directly linked to carbon emissions from these very firms. A scientific analysis published last September found that emissions from any one of the 14 biggest fossil fuel companies were enough to cause more than 50 heatwaves that would otherwise have been virtually impossible.

Who Earned the Most?

Saudi Aramco led the pack with a 34% increase in quarterly net income to over $33 billion, despite drone and missile strikes damaging its infrastructure. Other supermajors like BP and Shell also reported substantial gains, benefiting from the largest disruption of fossil fuel supplies in market history.

Profit Comparison Table

Why This Matters for Consumers

These windfall profits come at a direct cost to households. Higher energy bills and the escalating climate chaos—from heatwaves to floods—are leaving millions of families struggling. Campaigners argue that oil companies are "cashing in on human misery" and must be held accountable.

Key Takeaways

• Eight oil majors earned $93B in one quarter—more than $700K per minute.
• Profits nearly doubled year-over-year due to Iran conflict-driven price spikes.
• Emissions from these firms are scientifically linked to deadly heatwaves.
• Call for fossil fuel companies to fund renewable transition is growing.

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