06.08.2026 08:40
As Iran-US tensions and uncertainty in the Strait of Hormuz shake global energy markets, the world's eight largest oil companies posted a combined profit of $93 billion in the second quarter of the year. Earning approximately $700,000 per minute, the companies announced record results, while Iran stated that the full reopening of the Strait of Hormuz depends on the US stance.
As Iran-US tensions and uncertainty in the Strait of Hormuz shake global energy markets, the world's largest oil companies have reached historic profits. According to a Guardian analysis, eight major oil companies earned a total of $93 billion in profit in the second quarter of the year, making more than $700,000 per minute. Uncertainty over the future of the Strait of Hormuz continues to put pressure on oil prices.
OIL GIANTS POST RECORD PROFITS
According to the Guardian's analysis, the world's eight largest publicly traded oil companies, including Saudi Aramco, BP, Shell, Chevron, ExxonMobil, TotalEnergies, Eni, and Equinor, reported a combined net profit of approximately $93 billion for the April-June period. This figure means the companies earned over $700,000 per minute in profit.
The analysis emphasized that the rapid rise in oil prices due to Iran-US tensions and conflicts in the Middle East was directly reflected in the companies' balance sheets.
SAUDI ARAMCO IS THE BIGGEST WINNER
Saudi Aramco posted the highest profit in the second quarter. The company's net profit exceeded $33 billion, while ExxonMobil, Chevron, Shell, and BP also reported financial results above expectations. Shell's second-quarter profit more than doubled compared to the same period last year.
STRAIT OF HORMUZ UNCERTAINTY PERSISTS
The focus of oil markets remains on the Strait of Hormuz. Iran's Deputy Foreign Minister Kazem Gharibabadi stated that talks with Oman have reached the final stage, announcing that the route under negotiation would be a temporary route to be used for a period of 2 to 4 months. Gharibabadi said the full reopening of the Strait of Hormuz depends on steps to be taken by the US.
The Strait of Hormuz is considered one of the most critical transit points for global oil trade, and any development there directly impacts global energy prices.
CRITICISM GROWS
The Guardian's analysis noted that while consumers struggle with rising energy costs due to the economic pressures caused by war and the climate crisis, oil companies reporting historic profits has sparked criticism. Environmental organizations are reiterating their calls for a windfall tax and for these revenues to be used in the fight against climate change. It is also highlighted that some companies are reducing their renewable energy investments and shifting focus back to oil and natural gas.