--- title: "Oil Companies Poised to Reap Massive Profits from Middle East Conflict" url: https://noti.group/oil-companies-poised-to-reap-massive-profits-from-middle-east-conflict/ language: en publisher: "Noti Group" section: "Business" published: 2026-11-02T07:44:41.000Z updated: 2026-11-02T11:25:59.203Z id: e5a5b2a7-d82e-4568-b487-fef09f037101 source: "The Guardian Business https://www.theguardian.com/business/2026/nov/02/nine-of-world-biggest-oil-firms-95bn-profit-third-quarter-iran-war" attribution: "Link to https://noti.group/oil-companies-poised-to-reap-massive-profits-from-middle-east-conflict/ and name Noti Group when you quote or summarize this story." --- # Oil Companies Poised to Reap Massive Profits from Middle East Conflict A recent analysis by investment broker AJ Bell found that nine of the biggest listed oil producers are set to make over $95 billion in profits during the third quarter. The world's largest oil companies are poised to reap massive profits as the ongoing conflict in the Middle East drives up fuel prices. The war has created a perfect storm that is sending oil prices soaring, benefiting corporations such as Saudi Aramco and BP. A recent analysis by investment broker AJ Bell found that nine of the biggest listed oil producers are on track to make over $95 billion in profits during the third quarter. This staggering figure comes just seven months after the US-Israel war on Iran caused a significant surge in global oil prices, with some reaching record highs above $126 per barrel. The companies are taking advantage of the largest disruption of fossil fuel supplies in history to bolster their profits, but this windfall has sparked outrage among environmental campaigners. They warn that millions of households will be left paying the price for higher bills and climate chaos as a result of these excessive profits. Saudi Arabia's state-owned oil giant Aramco is expected to top the profits chart for the third quarter. Despite being targeted by Iran-backed Houthi forces, analysts anticipate the company to report a 7% increase in its quarterly net income to $30 billion. As the global community struggles with the economic and environmental impacts of rising fuel prices, these oil corporations are reaping huge rewards. The stark contrast between their profits and the struggles faced by ordinary people has sparked renewed calls for them to contribute more towards addressing climate change and transitioning to renewable energy sources. The world's largest oil companies are expected to reap massive profits for a second consecutive quarter, with some of them already reporting record-breaking earnings. BP, listed on the London stock exchange, has announced its highest quarterly profit since 2008, reaching $8.46 billion in the three months from July to September. This windfall is largely due to the company's refining divisions, which have taken advantage of higher prices and made up for supply shortfalls caused by the Iran war. The Iran conflict has had a significant impact on global oil shipments, with many tankers being rerouted through the strait of Hormuz. This has led to a shortage in supplies, which has driven up prices and boosted profits for oil companies. According to Carbon Majors, BP is one of the top 10 companies responsible for carbon emissions, alongside other major oil firms such as Aramco, Chevron, ExxonMobil, Shell, and others. These companies have been criticized for their role in contributing to climate change. The stark contrast between these massive profits and the struggles faced by ordinary people has sparked renewed calls for greater accountability from the industry. Critics argue that while these companies reap billions, millions of people struggle to afford their energy bills and are exposed to extreme weather events caused by climate breakdown. As concerns about climate change continue to grow, there is increasing pressure on governments to accelerate the transition to renewable energy sources. This would not only reduce our reliance on volatile fossil fuel markets but also create new jobs and drive down energy bills. Climate activists are expressing concern that the UK government is continuing to support an oil industry that is making significant profits each quarter. The Rosebank oilfield in the North Sea is a contentious issue, with experts estimating it could emit 1m additional tonnes of carbon dioxide annually by 2042, surpassing the UK's overall projected target of 90m tonnes. This development has raised eyebrows among climate campaigners and some Labour backbenchers who believe it contradicts the government's commitment to net zero. They argue that prioritizing oil extraction would hinder efforts to reduce greenhouse gas emissions. The UK energy secretary is currently weighing up whether to approve a licence for Rosebank, following the recent approval of the Jackdaw gasfield in October. The decision has significant implications for the country's energy policy and its commitment to addressing climate change. BP has pointed out that it is playing a role in responding to the global energy crisis by ensuring supply of diesel and jet fuel, but this does not seem to be enough to alleviate concerns about the environmental impact of oil extraction. Eni's profits are attributed to a successful operational and financial management model that allows the company to develop new hydrocarbon resources to meet global demand, which remains heavily reliant on oil and gas for energy security and affordability. The company has also invested in its energy transition business, including renewables, as part of its efforts to adapt to changing market conditions. Eni's efforts to diversify its operations come as several major oil firms are set to reap massive profits due to high oil prices. --- Source: [The Guardian Business](https://www.theguardian.com/business/2026/nov/02/nine-of-world-biggest-oil-firms-95bn-profit-third-quarter-iran-war) Published by Noti Group: https://noti.group/oil-companies-poised-to-reap-massive-profits-from-middle-east-conflict/