The largest European oil companies — “Shell”, “British Petroleum” and “TotalEnergies” — have received up to $4.75 billion in additional profits due to fluctuations in oil prices after the start of the Iran war.
The Financial Times writes about this.
According to experts, the companiesʼ trading divisions earned between $3.3 billion and $4.75 billion in the first quarter of 2026. This is almost half of the companiesʼ total profit growth, which reached $6.9 billion.
During the US-Israeli war against Iran, oil prices fluctuated and logistical routes had to be changed. This allowed the trading divisions of European companies to profit from the resale of oil and the price difference on the markets.
British Petroleum has been the biggest beneficiary of the market volatility. Analysts estimate that its trading division earned an additional $1.75 billion in the quarter. Thatʼs almost a quarter of the companyʼs total profit last year.
According to analysts, “Shell” earned an additional $1.6 billion, and “TotalEnergies” — about $800 million. In particular, “TotalEnergies” traders received more than $1 billion from transactions with Dubai and Oman oil.
Investors also reacted positively to the results of European companies. Since the start of the war against Iran, shares of “British Petroleum” have risen by 12%, “TotalEnergies” by 21%, and “Shell” by 9%. At the same time, shares of American oil companies “Exxon” have fallen by more than 4%, and “Chevron” has risen by only 2.7%.
- On the morning of February 28, the US and Israel launched an attack on Iran. Iranʼs Supreme Leader Ayatollah Ali Khamenei and almost the entire military leadership of the country — about 40 key high-ranking officials — were killed.
- Iran, in response to the US and Israeli attacks, began shelling Arab countries and Israel. The war also halted tanker traffic through the Strait of Hormuz, through which almost a fifth of the worldʼs oil exports passed. This led to a sharp increase in oil and gas prices.
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