As the US-Israel war in Iran drives up energy prices and disrupts shipping through the Strait of Hormuz, major oil and gas companies report record profits. BP's first-quarter profits more than doubled to $3.2 billion, Shell reported $6.92 billion in first-quarter profits, and TotalEnergies saw profits jump by almost a third to $5.4 billion, with European firms benefiting from volatile energy prices and trading operations.
8 May 2026 · Joy Online →
Major oil and gas companies including BP, Shell, and TotalEnergies have reported record profits as conflict and Iran's closure of the Strait of Hormuz have driven up energy prices and volatility. BP's profits more than doubled to $3.2bn, Shell reported $6.92bn in first-quarter profits, and TotalEnergies saw profits jump by almost a third to $5.4bn.
8 May 2026 · Joy Online →
Shell reported first-quarter profits of $6.92bn, up from $5.58bn a year earlier, as oil prices soared following disruptions to Middle Eastern supplies. The price spike resulted from the closure of the Strait of Hormuz, which typically carries about 20% of global oil and LNG supplies.
8 May 2026 · Joy Online →