Major energy companies continue to book massive earnings as they profit from volatility caused by the U.S.-Iran conflict.
Big oil companies are enjoying soaring gains from their trades as oil and gas futures swing between big gains and losses on the latest headlines linked to the U.S.-Iran war.
Crude prices have been volatile throughout the conflict and were far higher in the second quarter of 2026 compared with a year earlier.
Six of Europe's largest oil companies posted combined first-quarter profits of $22 billion, more than 40% higher than last year. Profits at BP more than doubled to $3.9 billion in the second quarter, the British giant said Tuesday. Its shares plunged, however, as traders said the strong growth had been widely expected.
And Saudi Aramco reported a 44% year-over-year increase in second-quarter net profit that reached $32.69 billion, driven by higher crude oil, refined products and chemicals prices.
