Eight major oil producers earned almost $93 billion between April and June 2026, nearly double their combined profit in the same quarter of 2025. The near-halt in tanker traffic through the Strait of Hormuz produced what the IEA describes as the largest supply disruption in the history of the global oil market.
The extraordinary earnings have intensified political and environmental pressure on oil companies, including renewed calls for windfall taxation. Oil prices have soared in recent months as a result of the almost complete closure of the Strait of Hormuz, a key trade corridor connecting Asia and Europe.
Oil majors such as Aramco, BP, Shell, Chevron, and ExxonMobil have seen record earnings, highlighting the world's ongoing dependence on fossil fuels.
