Saudi Aramco reported a 44 per cent rise in net profit to $32.7bn for the second quarter of 2026, and an adjusted net income of $33.4bn, driven by higher crude, refined products and chemicals prices. The gains came despite severe disruption to global supply routes after the closure of the Strait of Hormuz in late February, when the US and Israel launched attacks on Iran. Aramco chief executive Amin H. Nasser said the company maintained business continuity by using its East-West Pipeline, storage capacity and export terminals to redirect flows to Red Sea terminals. Hydrocarbon output fell to 9.463 million barrels of oil equivalent per day from 12.78 million a year earlier, but average realised crude prices surged to $108.1 a barrel.

Other major oil companies posted similarly outsized results. ExxonMobil doubled its second-quarter profit to $14.5bn, while Chevron nearly quadrupled its net income to $12bn. BP’s underlying replacement-cost profit more than doubled to $5.73bn, exceeding analyst expectations. The five largest Western energy groups – BP, Chevron, ExxonMobil, Shell and TotalEnergies – together reported combined net profits of almost $47bn for the quarter. Analysts and company statements attributed the windfall to higher crude prices, improved refining margins and volatile trading conditions fuelled by the Middle East conflict.

President Donald Trump, who had courted oil executives during his campaign, publicly criticised the earnings on Monday, telling reporters that ExxonMobil and Chevron were making “too much money” from the supply shortages and should “cut the retail price, the consumer price”. He did not explicitly endorse a windfall tax, but in Europe the debate over such a levy has regained momentum. Germany’s Greens and the SPD-led finance ministry have called for action, while Portugal last week approved an extra charge on profits exceeding 20 per cent of the average for 2024–2025. Spain and Italy have also voiced support for a similar measure.

The surge in energy costs has hammered US consumers: the average gasoline price has risen about 37 per cent since the war began, from $2.98 per gallon before the conflict to roughly $4.10 per gallon in early August, according to data from AAA and Reuters. The price spike poses a political risk for Trump’s Republican Party ahead of November midterm elections, with polls showing widespread discontent over living costs. Trump has also pursued a diplomatic channel with Tehran, calling renewed talks Iran’s “last chance” to end the war, though Iranian officials have denied that direct negotiations are under way. The next concrete milestone will be any agreement to reopen the Strait of Hormuz, which Treasury Secretary Scott Bessent said could come “today or tomorrow”, though market scepticism remains high.