Oil majors post $93B in Q2 profits as Hormuz crisis deepens

Eight of the world's largest oil producers posted a combined $93 billion in profits during the second quarter of 2026, nearly doubling their earnings from the same period a year earlier, as the Iran war and disruption to shipping through the Strait of Hormuz drove crude prices to multiyear highs.gulfnews+1

The windfall — equivalent to more than $700,000 per minute — has reignited a fierce debate over windfall taxes and drawn public criticism from President Donald Trump, who told reporters at the White House on August 4 that the companies were making "too much money" from the shortage.middleeastmonitor+1

Record Earnings Across the Industry

Saudi Aramco led the pack with adjusted net income of $33.4 billion, up 33% year-over-year. ExxonMobil Exxon Mobil Corporation ↗ 0.85% reported $14.5 billion in earnings, more than doubling its year-ago figure. Chevron ↗ 1.35% posted $12.1 billion, more than five times the level in the year-ago quarter. Shell ↗ 1.27% earned $9.8 billion. BP ↗ 0.82% reached $5.73 billion, its highest quarterly net profit since the third quarter of 2022.linkedin+5

The report compiled by OilPrice.com and cited by Gulf News covers eight companies including Equinor ↗ 2.67%, TotalEnergies ↗ 0.34%, and Eni ↗ 1.36%. NPR reported that ExxonMobil, Chevron, and Shell alone averaged roughly $404 million in daily profits over the quarter.npr+1

Hormuz Disruption Deepens

The supply disruption at the center of the profit surge has worsened in recent days. Reuters reported that transit through the Strait of Hormuz ground to a near-standstill on August 14 after two more ships were attacked and the United States threatened to maintain a naval blockade of Iran indefinitely. Gulf News reported that only five vessels crossed the strait on Saturday and none on Sunday, compared with 31 the previous weekend.reuters+1

Brent crude gained roughly 6% last week and was trading near $89 a barrel on Monday, with West Texas Intermediate near $83. Canadian oil producers have responded by abandoning hedging strategies, betting that prices will climb further.gulfnews+1

Political Fallout

Trump's criticism on August 4 marked a rare break with the fossil fuel industry from a president who has championed domestic oil production. "They ought to give some of that back to the public, and they better cut the retail price, the consumer price," he said. Average gasoline prices in the United States have risen more than 37% since the war began in late February.jacarandafm

In Congress, lawmakers have revived windfall-tax proposals. Senator Sheldon Whitehouse has introduced a bill to split excess profits between companies and lower-income Americans through tax rebates. Analyst firm Wood Mackenzie estimates the global oil and gas industry is on course for a cash windfall of $495 billion in 2026.upi+1