Six Fossil-Fuel Giants Project $94 Billion in 2026 Profits as Iran Conflict Drives Energy Prices

A new analysis by Oxfam International estimates that Chevron, Shell, BP, ConocoPhillips, Exxon Mobil and TotalEnergies will earn $2,967 each second in 2026—about $94 billion for the six firms over the year. The projection represents an increase of roughly $37 million per day compared with 2025. Oxfam links the surge to heightened geopolitical instability, noting that Iran’s restrictions on the Strait of Hormuz have pushed average oil prices above $100 a barrel in March.

CNN

The Strait of Hormuz is a critical chokepoint for oil shipments to Asia and Europe. Iran’s heavy restrictions have reduced flow, tightening global supply and elevating prices. The report also cites the lingering effects of Russia’s 2022 invasion of Ukraine, which, together with the current Iran-related disruption, has made the oil market especially lucrative for major producers.

CNN

• Profit rate: $2,967 / second for the six companies (?$94 billion annually).

CNN

• Daily increase: +$37 million versus 2025.

CNN

• Oil price: >$100 / barrel (average March 2026).

CNN

• U.S. gasoline: $4 / gallon.

CNN

• Broader industry: Rystad Energy and the Guardian report that the world’s top 100 oil-and-gas firms generated $8,333 / second (?$30 million / hour) in the first month of the Iran war.

CNN

Rising energy costs have intensified a global cost-of-living crisis. Asian nations that depend heavily on Hormuz-transited oil face the sharpest price spikes. In sub-Saharan Africa, fuel rationing has begun, while some governments have introduced work-from-home mandates and four-day-week trials to curb consumption. U.S. households confront higher gasoline and grocery bills alongside persistent housing costs.

CNN

Shell declined to comment on the Oxfam findings. Chevron, BP, ConocoPhillips, Exxon Mobil and TotalEnergies did not respond to requests for comment. The American Petroleum Institute’s spokesperson, Scott Lauermann, argued that the report “misreads energy markets and overlooks the real costs of today’s volatility,” emphasizing the need for sustained investment to maintain supply during disruptions.

CNN

Mariana Paoli, climate-policy lead at Oxfam, warned that “fossil fuel corporations profit from geopolitical instability and subsequently inequality.” The analysis notes that several firms have reduced climate commitments: BP cut planned renewable-energy investment, Shell softened its 2030 emissions-reduction targets, and Exxon trimmed spending on low-carbon projects. None of the six companies indicated that their record profits would be redirected toward a clean-energy transition.

CNN

• “Fossil fuel corporations profit from geopolitical instability and subsequently inequality, as these disruptions lead to higher prices and higher profits,” — Mariana Paoli, Climate Policy Lead, Oxfam International

CNN

• “misreads energy markets and overlooks the real costs of today’s volatility, including disruptions to production, shipping, refining, and market transactions,” — Scott Lauermann, Spokesperson, American Petroleum Institute

CNN

The Oxfam analysis focuses on six major firms, projecting $2,967 / second, while Rystad Energy and the Guardian cite $8,333 / second for the top 100 oil-and-gas companies during the first month of the Iran conflict. The discrepancy reflects differing scopes rather than contradictory profit figures. Additionally, the six companies have not provided public comment, leaving their strategic responses to the profit surge undocumented.

CNN