Revealed: major oil firms make $93bn profits amid war and climate crisis
Guardian AU Business
β’Tue, 04 Aug 2026 17:49:16 GMT
π° What Happened
Guardian analysis found that eight of the biggest listed oil companies amassed combined profits of almost $93 billion in the three months to the end of June, nearly double the same period a year earlier. The windfall was driven by the Iran conflict, which sent global oil prices above $126 a barrel, the biggest disruption to fossil fuel supplies in market history. The record profits have reignited calls for oil and gas supermajors to pay for environmental damage and fund a rapid renewable energy transition.
π The Backstory
The US-Israeli war on Iran triggered a surge in global oil prices, benefiting major producers including Saudi Aramco and BP. These windfall profits coincided with a summer of extreme climate impacts, including Europe's worst-ever heatwave, which scientists categorised as 'impossible' without human-caused global heating. The parallel between fossil-fuel profits and climate damage has fueled ongoing debate over windfall taxes and corporate responsibility.
π― Why It Matters
The record profits highlight the tension between fossil-fuel industry earnings and the escalating climate crisis, renewing pressure for windfall taxes and greater corporate accountability. They demonstrate how geopolitical conflict can generate outsized gains for energy companies while consumers face higher costs. The findings could intensify political debate over funding the energy transition and paying for climate damage.
Guardian analysis found that eight of the biggest listed oil companies amassed combined profits of almost $93 billion in the three months to the end of June, nearly double the same period a year earlier. The windfall was driven by the Iran conflict, which sent global oil prices above $126 a barrel, the biggest disruption to fossil fuel supplies in market history. The record profits have reignited calls for oil and gas supermajors to pay for environmental damage and fund a rapid renewable energy transition.
The US-Israeli war on Iran triggered a surge in global oil prices, benefiting major producers including Saudi Aramco and BP. These windfall profits coincided with a summer of extreme climate impacts, including Europe's worst-ever heatwave, which scientists categorised as 'impossible' without human-caused global heating. The parallel between fossil-fuel profits and climate damage has fueled ongoing debate over windfall taxes and corporate responsibility.
The record profits highlight the tension between fossil-fuel industry earnings and the escalating climate crisis, renewing pressure for windfall taxes and greater corporate accountability. They demonstrate how geopolitical conflict can generate outsized gains for energy companies while consumers face higher costs. The findings could intensify political debate over funding the energy transition and paying for climate damage.