The world’s eight leading listed oil producers made about $93 billion in profit from April to June amid the Iran conflict and a global energy crunch, according to a Guardian analysis published on August 5, 2026. The report said the US-Israel war involving Iran pushed energy prices higher, with crude oil exceeding $126 a barrel at one point. Their combined profit was nearly double the figure of just under $50 billion recorded in the same period last year.

The companies were Saudi Aramco, BP, Shell, Equinor, TotalEnergies, Eni, Chevron and ExxonMobil. Aramco reported net income of more than $33 billion, up 34 percent. BP reported $5.73 billion in profit, Shell $9.84 billion in net income, Chevron $12.2 billion, and ExxonMobil $14.5 billion. The eight companies’ combined market value also rose by about $600 billion to more than $3 trillion.

Environmental groups said oil companies had profited from supply instability and urged that some earnings be used for climate-damage measures and renewable-energy investment. Global Witness official Patrick Galey called for oil companies to pay their fair share of tax. UN climate chief Simon Stiell said coal, oil and gas use must be reduced rapidly in favour of renewable energy.