Oil majors profit as US-Iran fighting drives energy prices higher

illuminem summarises for you the essential news of the day, reviewed by our editorial team. Read the full piece on Euronews or enjoy below:

🗞️ Driving the news: Major oil companies reported strong profits as the US-Iran conflict disrupted energy markets, restricting shipments through the Strait of Hormuz and pushing global oil prices above $100 per barrel during parts of the second quarter of 2026
• Companies including ExxonMobil and Chevron benefited from higher crude prices and strong refining margins, while consumers faced rising fuel costs and shortages in some countries.

🔭 The context: The Strait of Hormuz is a critical energy corridor, historically carrying around one-fifth of global oil and natural gas shipments. The disruption reduced available supply and contributed to a sharp increase in energy prices.
• ExxonMobil reported second-quarter profits of $14.53 billion, while Chevron reported $12.07 billion
• Several European oil majors also recorded significant profits during the period
• The surge has renewed debate over windfall taxes on fossil fuel companies, with lawmakers arguing that exceptional profits during energy crises should help support consumers

🌍 Why it matters for the planet: Higher fossil fuel profits during periods of geopolitical disruption highlight the continued economic exposure created by dependence on oil and gas markets
• Price volatility can accelerate interest in renewable energy, efficiency measures and energy diversification as alternatives to fossil fuel dependence.
• At the same time, increased revenues for oil and gas companies can influence future investment decisions, including the balance between continued fossil fuel production and spending on lower-carbon technologies

⏭️ What’s next: Governments are likely to continue debating how to respond to energy windfalls, including taxation, consumer support measures and policies aimed at reducing exposure to volatile fossil fuel markets
• Energy companies may face ongoing pressure from investors and policymakers over how profits generated during supply disruptions are allocated

💬 One quote: “There are constituencies around the world who are having a very good crisis, and the oil producers are one of them.” — Patrick Galey, Fossil Fuels Lead at Global Witness

📈 One stat: The Strait of Hormuz previously carried around 20% of global oil and natural gas shipments, making disruptions there highly influential for energy markets

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