A new report has revealed that the disruption of oil supplies following the near-complete closure of the Strait of Hormuz has driven a sharp increase in profits for major oil and gas companies.
The World Oil report said higher fossil fuel prices had boosted earnings across the industry, particularly in the United States and Europe, as producers moved to fill supply gaps created by the disruption.
Eight major oil companies — Saudi Aramco, BP, Shell, Equinor, TotalEnergies, Eni, Chevron and ExxonMobil — recorded combined profits of more than $90 billion between April and June, almost twice the figure recorded in the same period of 2025.
The report linked the surge to the U.S.-Israeli attack on Iran and the subsequent conflict, which disrupted energy supplies through the Strait of Hormuz, a critical waterway connecting the Persian Gulf with the Gulf of Oman and the Arabian Sea.
Oil prices rose sharply during the period, with Brent crude climbing from about $68 per barrel at the end of February to almost $100 in May.
Saudi Aramco emerged as the biggest beneficiary, reporting a 34 per cent increase in quarterly net income to more than $33 billion.
The company maintained strong earnings despite damage to some of its infrastructure from drone and missile attacks attributed to Iranian and Houthi forces.
British oil major BP also reported a sharp increase in earnings, recording a second-quarter profit of $5.73 billion, nearly double its profit in the same period a year earlier.
The figure represented BP’s highest quarterly net profit since the third quarter of 2022 and exceeded analysts’ expectations.
U.S. oil giant Chevron reported its highest quarterly profit in at least six years, with adjusted earnings reaching $12 billion. Its upstream business accounted for $8.2 billion, representing a 200 per cent increase from the previous year.
Chevron Chief Financial Officer, Eimear Bonner, said the company continued to provide reliable energy despite geopolitical uncertainty and market volatility.
The surge in profits has, however, triggered renewed criticism from environmental groups, consumers and political leaders, with concerns that oil companies are benefiting from supply disruptions while households face higher energy costs and inflation.
Patrick Galey, fossil fuel lead at Global Witness, criticised BP’s earnings, arguing that oil companies were benefiting from conditions that had increased economic and environmental pressures on households.
The report said the situation had also revived calls for windfall taxes on oil companies, with governments considering higher levies on extraordinary profits to help subsidise energy bills and fund environmental measures.
U.S. President Donald Trump also criticised ExxonMobil and Chevron on August 3, accusing the companies of making excessive profits from high crude prices.
“They’re making too much money based on a shortage,” Trump told reporters at the White House, while noting that his support for free enterprise made the criticism unusual.
Beyond the immediate profit surge, the report said the Hormuz disruption had exposed the world’s continued dependence on fossil fuels, with countries willing to pay higher prices to secure energy supplies during periods of scarcity.
Environmentalists warned that the dependence could undermine efforts to reduce greenhouse gas emissions, while limited energy diversification could leave countries more vulnerable to future supply shocks.
The report concluded that the record earnings of oil and gas companies following the Iran conflict had intensified debate over energy security, fossil fuel dependence and the need for stronger taxation of windfall profits.
