Major oil companies reported another quarter of record profits in the third quarter of 2026, driven largely by disruptions to global energy supplies linked to the ongoing US-Iran conflict and higher crude prices. The surge in earnings highlights continued market volatility as well as rising fuel costs affecting consumers worldwide.

ExxonMobil led the pack with a net profit of approximately $15.4 billion for July through September, more than double its results from the same period in 2025. The company attributed much of its gain to crude oil prices averaging around $85 per barrel—about a third higher than last year—and refining margins reaching $50.3 per barrel, nearly three times their previous levels. Disruptions caused by the war and sustained cuts in refining capacity in Russia and the Middle East have contributed to supply constraints, particularly tightening the availability of refined products such as petrol and diesel. ExxonMobil’s US Gulf Coast refineries operated at full capacity, generating substantial cash flow and allowing the company to return $9.4 billion to shareholders.

Shell posted profits after tax of $12.1 billion, doubling its year-earlier performance, and increased its quarterly share buyback program from $3 billion to $5 billion. Chevron reported a 183% rise in net income to $9.9 billion, fueled by a fourfold increase in its downstream earnings linked to strengthening refining margins. Together, ExxonMobil and Chevron accounted for $25.3 billion in quarterly profits, more than double their combined total one year prior. TotalEnergies and BP also reported sizable gains, with TotalEnergies earning $8.3 billion and BP marking its highest quarterly profit since 2008 at $8.46 billion.

Saudi Aramco, the world’s largest fossil fuel producer by market value, was expected to report a quarterly net income of around $30 billion, reflecting continued resilience despite challenges from Iran-backed attacks. The company is noted as the single largest emitter of carbon dioxide historically, alongside other major oil firms such as Chevron, ExxonMobil, Shell, and BP.

While higher oil and refining prices have buoyed corporate earnings, rising fuel costs have generated significant strain on consumers globally, triggering protests in parts of Asia, Latin America, and Europe. In the United States, energy affordability has become a prominent issue ahead of midterm elections. Environmental groups are calling for windfall taxes on exceptional profits, proposing that proceeds be redirected to support consumers and accelerate the transition to renewable energy. Advocates also question ongoing government subsidies for oil projects that critics say will do little to reduce energy bills but may increase carbon emissions—for example, the UK government’s pending decision on development of the Rosebank oilfield in the North Sea.

Some companies defended their financial results by emphasizing the role of hydrocarbons as essential to global energy security and affordability in the near term, with several also pointing to investments in renewable energy and broader energy transition strategies. Others declined to comment on their recent earnings.

Looking ahead, industry profits will depend on the duration of current geopolitical disruptions and the pace at which offline refining and production capacity can be restored. Meanwhile, debates persist over the balance between energy supply security, economic costs, and climate considerations in a period marked by sharp price volatility and growing calls for sustainable energy policies.