Eight top listed oil firms post nearly $93bn Q2 net profit through June 30 as Iran war pushes crude above $126 a barrel
AI Market Summary
A sharp oil supply shock linked to the US-Israeli war on Iran pushed crude above $126/bbl, driving Q2 windfall profits (~$93bn) for major listed oil producers. The news underscores tight near-term supply conditions and heightened geopolitical risk premia in energy markets, while also elevating political/regulatory overhang via renewed calls for windfall taxes and tougher climate policy that could affect energy equities and capex plans.
Impact level
● High
Affected assets
NCCO1OILBRENT2USD/USDT-5.66%
AI Insight · NCCO1OILBRENT2USD/USDTAI Insight
▲ Bullish
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Eight of the world’s largest listed oil companies reported a combined $93bn in net profit for the second quarter of 2024, covering the three months to June 30, nearly doubling from about $50bn a year earlier. The surge followed a global oil supply crisis triggered by the US-Israeli war on Iran, which at one point pushed crude above $126 a barrel. The article describes the shock as the most severe supply disruption in the history of the global oil market. It says soaring energy prices were the main driver of the profit jump.
