Global oil giants post soaring profits after Middle East war
An aerial view shows a fuel depot of Aral at the Ruhr Oel petroleum refineries of BP Gelsenkirchen GmbH in Gelsenkirchen, western Germany on March 9, 2026. The Iran war sent oil prices soaring on March 9,. . .
An aerial view shows a fuel depot of Aral at the Ruhr Oel petroleum refineries of BP Gelsenkirchen GmbH in Gelsenkirchen, western Germany on March 9, 2026. The Iran war sent oil prices soaring on March 9, 2026 after Tehran, under new leader Mojtaba Khamenei, fired a new barrage of missiles at its Gulf neighbours and signalled that the strategic Strait of Hormuz would likely remain shut. With the Strait of Hormuz off Iran remaining closed to almost all oil tankers, the price of benchmark crude oil contracts rocketed past $100 a barrel on Monday — their highest levels since Russia’s invasion of Ukraine in 2022 — before edging back slightly. (Photo by Ina FASSBENDER / AFP)BP and Saudi Aramco on Tuesday reported sharply higher second-quarter profits, as the Middle East war drove oil and gas prices well above year-ago levels and underscored how energy majors are capitalizing on the market turmoil. BP said net profit after tax jumped to $3. 91 billion in the April-June period, more than double the $1. 62 billion booked in the second quarter of 2025. Total revenue rose 47 percent to $70 billion over the same period. Aramco, the Saudi state’s majority-owned oil giant, posted net income of 122. 6 billion riyals ($32. 7 billion), up 44 percent from 85 billion riyals ($22. 67 billion) a year earlier. Adjusted net income, which strips out exceptional items, came in at 125. 1 billion riyals ($33. 4 billion), topping a median analyst forecast of $31. 16 billion based on 12 estimates. READ MORE:FUEL PRICE WATCH, Cebu: August 4Both companies pointed to the war’s disruption of global fossil fuel supplies as the driver of the gains. Energy majors worldwide have benefited similarly from trading, as oil and gas futures swing on headlines tied to the US-Iran conflict. “This has been marked by one of the most disrupted periods in the global energy market,” BP chief executive Meg O’Neill, who took the helm in April, said in the company’s earnings statement. Aramco President and CEO Amin H. Nasser struck a similar note, saying the company “continued to demonstrate our ability to maintain business continuity” despite what he called unprecedented supply disruption through the Strait of Hormuz. He credited Aramco’s diverse asset base and infrastructure, including the East-West Pipeline, storage capacity and export terminals. Fighting in the Gulf continues to restrict hydrocarbon shipments through the Strait of Hormuz, while Iran’s Houthi allies in Yemen imposed a maritime blockade against Saudi Arabia in the Red Sea last month. BP’s results came days after it moved to sell its North Sea business, as new UK Prime Minister Andy Burnham faces pressure to ease drilling restrictions in the area. The company, which has lagged rivals in recent years, had already cut clean energy investment ahead of O’Neill’s appointment as it pivots back toward oil and gas. “We are not making the most of our potential,” O’Neill said. “Our performance over the past few years has not met our own expectations, let alone those of our shareholders. ”READ MORE:LPG prices to rise ₱3. 67 per kilo this AugustYour subscription could not be saved. Please try again. Your subscription has been successful. Read NextDisclaimer:The comments uploaded on this site do not necessarily represent or reflect the views of management and owner of Cebudailynews. We reserve the right to exclude comments that we deem to be inconsistent with our editorial standards.