European energy firms reap billions amid Iran conflict
Six major European oil companies – BP, Eni, Equinor, Repsol, Shell, and TotalEnergies – collectively generated $89 billion in profits during the first nine months of 2026. This figure represents more than double the earnings recorded during the same period last year, largely attributed to elevated energy prices stemming from the ongoing conflict with Iran.
Between July and September alone, the companies amassed $38 billion in profits, according to a report released this week by Global Witness, based on their quarterly financial results. The nine-month total reflects a 102% increase compared to the previous year.
The conflict began on February 28th with joint US and Israeli strikes on Iran. Disruptions to shipping through the Strait of Hormuz, a vital waterway for approximately one-fifth of global oil and gas transport, have significantly driven up crude oil, gas, and fuel prices. Refining profits per barrel have nearly quadrupled at Shell and TotalEnergies.
Shell’s adjusted earnings for the third quarter reached $10.8 billion, the highest since 2022, while TotalEnergies’ profits more than doubled to $9.1 billion. BP’s underlying profit nearly quadrupled to $8.5 billion, surpassing analyst expectations. However, BP’s CEO, Meg O’Neill, anticipates a potential easing of conditions in the fourth quarter.
The companies have primarily utilized these substantial profits to reduce debt and return capital to shareholders, rather than investing in expanded production. Shell’s net debt decreased to $39.7 billion from $52.6 billion in the first quarter, accompanied by a $1 billion reduction in its 2026 capital spending guidance. TotalEnergies’ debt-to-equity ratio fell below 10%, and BP’s net debt decreased to $13.87 billion.
Brent crude, the global benchmark, has fluctuated significantly, rising above $100 in March and reaching approximately $117 on Friday, its highest point since late April, following an attack on a tanker in the Strait of Hormuz.
A resolution to the conflict remains elusive. Iran’s ambassador to Pakistan has stated that Tehran will reopen the Strait of Hormuz if Washington lifts its blockade of Iranian ports, a condition the US has rejected. US Vice President JD Vance has attempted communication with a senior Iranian official, but no response had been received as of Friday, according to Iranian media.
Global Witness previously reported in May that the same six companies generated $22 billion in the first three months of 2026. Oxfam projected in July that these companies would nearly double their profits in the second quarter, estimating a potential $400 billion revenue from a tax on oil, gas, and coal companies.
Jonathan Noronha-Gant of Global Witness condemned the profits as
Source
“European oil giants made $89bn in first nine months of 2026 amid Middle East war, report finds”
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