United States/Israel/Iran: Big Oil’s War Profits May Have a Silver Lining after All

May 22, 2026 | Damian Carrington
Guardian
View Original

Shell’s profit for the first three months of 2026 more than doubled to $6.9bn, as did BP’s, to $3.2bn. TotalEnergies profits also surged by more than 50%, up to $5.8bn. Even in the Gulf itself, where the flow of oil through the strait of Hormuz has been heavily restricted, some companies have still flourished. Aramco, the state oil company of habitual climate obstructers Saudi Arabia, saw its profits soar by 26% to $33.6bn in the first quarter.