Why are oil companies posting record profits amid Iran war disruption?

What the report says

Al Jazeera reports that the closure of the Strait of Hormuz during the war on Iran has disrupted global energy supplies, pushed crude prices higher and helped major oil companies post unusually strong second-quarter earnings in 2026. The article says the gains have been concentrated among large producers and refiners, including ExxonMobil, Chevron, Shell, TotalEnergies, BP and Saudi Aramco, many of which reported results that were well above year-earlier levels.

Among the figures cited, ExxonMobil posted $14.5bn in quarterly earnings, Chevron $12bn, Shell nearly $10bn, TotalEnergies increased earnings by 67%, BP reported $5.73bn and Saudi Aramco said profit rose 44% to $32.69bn. Al Jazeera says higher benchmark oil prices and stronger refining margins were central to the surge, with companies less exposed to the Hormuz bottleneck benefiting from tighter supply and stronger demand for alternatives.

The article contrasts those profits with rising costs for consumers. It says petrol prices have climbed in the US and UK, while forecasters warned the British economy could weaken if the strait stays shut into next year. Al Jazeera also noted that US President Donald Trump criticized oil companies for making what he viewed as excessive profits and said they should lower prices for consumers.