Greenpeace Accuses Oil Companies of Profiting from Middle East Conflict

A recent study commissioned by Greenpeace has highlighted significant profit increases for oil companies in the European Union since the onset of the conflict in the Middle East, particularly following the U.S.-Israeli strikes against Iran on February 28, 2026. The report claims that these companies have been earning over €80 million (approximately $92.8 million) daily in what it terms "war profits."

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The Greenpeace study indicates that if current profit levels persist, oil companies could see an additional €2.5 billion (around $2.9 billion) in operating profits for March 2026 alone. The analysis focused on the disparity between crude oil prices and fuel prices at the pump, revealing that the increase in retail fuel prices has outpaced the rise in crude oil costs significantly. The report noted that the profit margins for diesel fuel have expanded more than those for petrol, with excess profits from diesel sales amounting to €75.3 million ($87.3 million) per day, while petrol sales contributed €6.1 million ($7.1 million) daily.

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The report also pointed out that the increased profit margins were most pronounced in countries with higher purchasing power, such as Germany, the Netherlands, Sweden, Denmark, and Austria. In Germany alone, excess profits reached €23.8 million per day, followed by France at €11.6 million per day. This regional disparity raises concerns about the broader economic implications for consumers in these countries, particularly as fuel prices soar.

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In response to these findings, Greenpeace France has urged European governments to implement permanent additional taxes on the profits of oil and gas companies. The organization advocates that the revenue generated from such taxes should be utilized to alleviate energy costs for consumers and to promote energy independence within Europe.

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While Greenpeace's findings highlight a significant issue, critics argue that attributing profit increases solely to the conflict oversimplifies the complexities of global oil markets. Some industry analysts suggest that various factors, including supply chain disruptions and geopolitical tensions, contribute to rising fuel prices, complicating the narrative of "war profits."

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There are discrepancies in the reported figures regarding daily profits, with some sources citing slightly different amounts. For instance, while Greenpeace's report emphasizes €80 million daily, other reports suggest figures closer to $92.8 million. These variations highlight the need for further investigation into the methodologies used in these studies.

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• “If this level persists, the oil companies can expect additional operating profits of approximately €2.5 billion euros for the month of March alone,” — Greenpeace Report

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• “The report shows that the rise in prices at the pump is far greater than that of underlying crude oil prices,” — Greenpeace Statement

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The ongoing conflict in the Middle East continues to have profound implications for global oil markets, prompting calls for regulatory measures to address the economic impact on consumers.

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