Oil giants rake in $93bn Q2 profits as Iran war lifts prices amid climate crisis
Eight major oil firms nearly doubled earnings while temperatures soared, sparking calls for windfall taxation and climate reparations.
Conversation activity · last 7 days peak 1/2h
Summary, timeline and people extracted by Claude from 6 items across 3 sources · 1d ago. Quotes are verbatim.
Eight major oil companies—Saudi Aramco, BP, Shell, Equinor, TotalEnergies, Eni, Chevron, and ExxonMobil—reported combined profits of nearly $93 billion in the second quarter of 2026, almost double the prior year, as the US-Israeli war on Iran sent global oil prices above $126 per barrel. The windfall coincided with deadly heatwaves across Europe and severe drought in England, prompting climate advocates and watchdog groups to demand the firms pay for environmental damage and fund renewable energy transition.
- Eight major oil firms nearly doubled Q2 2026 profits to $93bn vs. $50bn year-over-year, driven by Iran conflict price surge to $126+ per barrel.
- Record profits coincided with deadly heatwaves and severe drought across Europe, with scientific evidence directly linking oil companies' emissions to fatal heat events.
- Climate advocates and watchdog groups are calling for windfall taxation and climate reparations from oil majors to fund renewable energy transition and climate resilience.
How it unfolded
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Left Foot Forward publishes analysis of backlash against oil giants as Iran conflict fuels record multi-billion-pound profits amid climate emergency.
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The Covering Climate Now initiative reshares the Guardian analysis on Bluesky, framing record oil profits as tied to the Iran War and renewing calls for Big Oil accountability on climate damages.
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Patrick Galey, lead on fossil fuels at Global Witness, criticizes BP's record profits as 'cashing in on human misery' and calls for oil giants to pay taxes to repair climate breakdown and fund renewable transition.
“It's time to make oil giants pay up to repair the climate breakdown they're driving.”
Patrick Galey, Global Witness · Bluesky ↗ -
Stefan Rahmstorf on Bluesky amplifies the Guardian analysis, linking record oil profits to the immediate need for climate investment and renewable energy infrastructure.
“Think how many fire and flood defences we could build, or how many solar panels we could install, if big oil paid their fair share in taxes.”
rahmstorf.bsky.social · Bluesky ↗ -
The Guardian publishes investigative analysis revealing the eight oil companies made more than $700,000 profit per minute in Q2 2026, with Saudi Aramco reporting a 34% increase in quarterly net income to over $33 billion.
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Drought officially declared across more than half of England in late July 2026, with Blackheath in south London left scorched and barren by conditions fuelled by fossil fuel emissions.
- 4 weeks quiet
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Eight major oil companies complete their second quarter with combined profits near $93 billion, almost double the $50 billion from Q2 2025, driven by oil price surge triggered by the Iran conflict.
What people are saying verbatim
“BP's sky-high profits are a scandalous reminder of who's been cashing in on human misery this year.”
Patrick Galey, Lead on fossil fuels, Global Witness · The Guardian ↗ · Aug 3
“It's time to make oil giants pay up to repair the climate breakdown they're driving.”
Patrick Galey, Lead on fossil fuels, Global Witness · The Guardian ↗ · Aug 3
“Think how many fire and flood defences we could build, or how many solar panels we could install, if big oil paid their fair share in taxes.”
rahmstorf.bsky.social, Climate scientist · Bluesky ↗ · Aug 4
“Eight of the biggest oil companies amassed profits of more than $90bn (£67bn) in just three months as the Iran conflict sent energy prices soaring and the emissions-fuelled climate crisis caused deadly heatwaves.”
The Guardian, News organization · The Guardian ↗ · Aug 3
“The data suggests the eight oil companies made more than $700,000 of profit every minute over the spring quarter.”
The Guardian, News organization · The Guardian ↗ · Aug 3
“Carbon emissions from any one of the 14 biggest companies were each enough to cause more than 50 heatwaves that would otherwise have been virtually impossible.”
The Guardian, Citing scientific analysis from September 2025 · The Guardian ↗ · Aug 3
Voices from the web unedited
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“It’s time to make oil giants pay up to repair the climate breakdown they’re driving. Think how many fire and flood defences we could build, or how many solar panels we could install, if big oil paid their fair share in taxes.”
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Big Oil funding Climate Change "Revealed: major oil firms make $93bn profits amid war and climate crisis" https://www. theguardian.com/business/ng-in teractive/2026/aug/04/revealed-major-oil-firms-make-93bn-profits-amid-war-and-climate-crisis # BigOilKnew # ManMadeClimateChange # ClimateChange # IllegalIranWar # PhaseOutFossilFuels #…
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Major oil firms recorded a staggering $97 billion in profits in Q2 of 2026 as the Iran War sent oil prices surging, renewing calls for Big Oil to pay for environmental damages caused by the emissions-fueled climate crisis. By Jillian Ambrose and @dpcarrington.bsky.social for @theguardian.com:
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www.theguardian.com/business/ng-... "Eight of the biggest oil companies amassed profits of more than $90bn (£67bn) in just three months as the Iran conflict sent energy prices soaring and the emissions-fuelled climate crisis caused deadly heatwaves." Via @theguardian.com
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"OIL GIANTS MAKE $90BN FROM PRICE SURGE AS CLIMATE CRISIS ENGULFS EUROPE" @DPCarrington.bsky.social / #JillianAmbrose for @TheGuardian.com Oil giants made over $90billion in 3 months from soaring prices driven by the #Iran conflict amid #Europe's climate crisis. #TheGuardian #TomorrowsPapersToday