Several major oil companies posted record second-quarter profits as the Middle East conflict helped lift crude prices. Brent crude averaged $92.55 per barrel in the second quarter, up 45% from the Q1 2026 average of $63.68/bbl. The Energy sector’s earnings rose 128.2% year over year, outpacing the S&P 500’s average earnings growth of 37.9%.

Saudi Arabia’s second-quarter crude output dropped sharply as war-related disruptions pushed the oil sector into a contraction of nearly 25%, weighing on the broader economy. Over the same period, Brent crude climbed more than 47% to around $90 a barrel, helping oil revenue rise 28% quarter on quarter. Fiscal data show the Q2 deficit narrowed to $9.1 billion, while the budget breakeven oil price increased to $115 a barrel from $96 last year. The developments have directly affected the global oil market’s supply-and-demand balance.

Nordex reported 2024 second-quarter revenue of EUR 2.18 billion, up 16.3% year over year, while EBITDA more than doubled to EUR 223.8 million and the EBITDA margin rose to 10.3%. Project order intake increased 32.2% to 3.05 GW, with new orders valued at EUR 3.0 billion. The company also reaffirmed its full-year 2026 guidance. The figures point to improving demand and profitability in Europe’s wind equipment market, offering fundamental support to euro area industrial manufacturing assets.

Saipem reported first-half 2026 revenue of €7.35 billion, up 1.9% year on year, and adjusted EBITDA of €836 million, up 9.4%. The company said it absorbed about €70 million in additional security, logistics and operational costs tied to the Middle East conflict in the first six months. It lowered its full-year adjusted EBITDA outlook while keeping its revenue and cash flow forecasts unchanged. The update underscores how geopolitical risk can weigh on profitability for oil-and-gas engineering contractors.

Baker Hughes reported record second-quarter orders totaling $10.5 billion, up 49% year over year, with Industrial & Energy Technology (IET) orders more than doubling to $7.1 billion. Remaining performance obligations climbed to a record $40.1 billion, including $37.1 billion tied to IET, and the company posted revenue of $6.74 billion with adjusted EBITDA of $1.23 billion. The company said it has secured LNG equipment awards from Venture Global, Cheniere Energy, Golar LNG and Nigeria LNG, and it completed its acquisition of Chart Industries to expand gas-processing capabilities.

TotalEnergies said it expects second-quarter profit to rise sharply from the previous quarter, supported by stronger refining margins and solid oil trading as oil prices climbed and fuel markets tightened after the Iran war. The company cut its estimate of the Middle East conflict’s impact on production to 210,000 boe/d from 360,000 boe/d previously, and said some output could not be lifted and was booked at end-June crude prices of less than $70/b. It also warned that cash flow in its Integrated LNG division is set to fall significantly, citing weaker European gas prices and underperformance in gas trading, according to the company’s earnings preview.

Shell said its oil and gas trading profit in Q2 is set to be significantly higher than in Q1, after the Iran war triggered extreme volatility in energy markets. The company said trading and optimization in its integrated gas division, including LNG, improved sharply, while chemicals, products and marketing are expected to be in line with Q1’26. Shell had already posted consensus-beating Q1 earnings as higher realized liquids prices and stronger trading lifted results amid unusually volatile conditions. Europe’s top oil majors have also benefited from the trading surge tied to geopolitics, with analysts expecting Q2 to deliver another round of large trading profits.

Kyrgyzstan, which imports more than 90% of its gasoline from Russia, has asked Russia and several neighboring countries for help securing fuel supplies. Authorities say domestic stocks remain sufficient for now, but warn the Russian fuel crisis could soon be felt in the Central Asian nation. The shortfall in Russia has been aggravated by Ukrainian drone strikes on refineries, including damage that has taken Moscow’s Kapotnya refinery offline, according to Reuters. Russia has also begun importing fuel from India to ease the crunch.

Donald Trump urged fuel retailers to cut pump prices “immediately,” arguing gasoline is too expensive with oil at $68 a barrel and accusing major oil companies of “pricegouging,” while saying he has ordered an investigation. He called on stations to move toward about $2.50 a gallon and singled out California’s gas taxes. The national average for regular gasoline was $3.86 a gallon as of Monday, down from $3.929 a week ago and $4.3910 a month ago but above $3.1870 a year earlier, according to AAA data. The remarks amount to political pressure and have not yet resulted in a formal rule or enforcement action.