Big Oil's Windfall Iran War Profits Show World Trapped in 'Fossil Fuel Doom Loop'

An analysis published Thursday in the wake of Shell's banner earnings report shows that the largest European oil giants reaped $22 billion in combined profits during the first three months of 2026 thanks to war-driven oil price surges, which are inflicting major financial pain on millions of families across the globe.

The analysis by the London-based advocacy organization Global Witness finds that BP, Shell, TotalEnergies, Eni, Equinor, and Repsol have recorded their highest quarterly profits since 2022, in the aftermath of Russia's invasion of Ukraine. Amid the US-Israeli war on Iran, the six oil behemoths saw their combined profits jump by 43% in the first quarter of this year compared to the same period in 2025.

Shell on Thursday reported $6.9 billion in profits during the first quarter of 2026—or $53,241 per minute.

"As lives are destroyed through war and people everywhere fear rising bills, it’s galling to see oil giants like Shell raking in obscene amounts of money," said Patrick Galey, head of news investigations at Global Witness. "These are clearly the spoils of war. It's time to break free from the fossil fuel doom loop—we need robust taxes on big polluters to insulate households from price shocks and to fund a cheaper, cleaner, more stable energy future for all.”

The environmental group 350.org said Shell's earnings report "lays bare the immense siphoning of money from households, businesses, and public budgets to the oil industry." The group has warned that oil price spikes caused by the Iran war could result in $1 trillion in extra costs for families, businesses, and governments worldwide if the Strait of Hormuz remains closed.

“While people around the world struggle with soaring energy costs, Shell is raking in billions in added profit," Anne Jellema, 350's executive director, said Thursday. "The same crisis that is driving these windfalls is pushing millions closer to hunger and hardship. Governments must act now to tax these excess profits and use the money to protect vulnerable households and expand affordable, homegrown renewable energy."

US oil giants are expected to see similarly massive profits in the coming months, as gas prices remain above $4.5 per gallon on average nationwide, costing American consumers billions at the pump. The Guardian noted Thursday that "consensus estimates show ExxonMobil’s second-quarter earnings will more than double from a year ago, while Chevron profits are expected to increase by 56% for the year."

Greenpeace campaigner Maja Darlington said Thursday that skyrocketing profits amid growing hardship for millions show that "our fossil-fueled economy is rigged in favor of oil giants."

"Whether it’s war or wildfires, they profit, we pay," said Darlington. "We don’t need to let the fossil fuel industry hold us to ransom and pass on the costs of endless wars and limitless pollution. The cost of living crisis, the climate crisis, the Middle East crisis—these are all oil industry operating costs. We need to stop subsidizing them, introduce new taxes to make them pay, and start taxing their obscene profits properly."