Oil giants reap record profits amid war disruptions while climate crises claim lives

Eight of the world’s biggest oil producers reported nearly double the profit of the same period last year, earning roughly $93 billion in the quarter after the US and Israel’s war with Iran disrupted supplies through the Strait of Hormuz. Companies such as BP, Shell, ExxonMobil, Chevron and Saudi Aramco saw profits surge, with Aramco posting a 34% increase despite missile strikes on its infrastructure. Meanwhile, Europe faced unprecedented heatwaves that broke temperature records across multiple countries and caused about 36,000 excess deaths, while Nepal’s catastrophic flash flood claimed at least 1,400 lives.

Critics argue the industry’s gains come as it blocks climate policies, with Saudi Arabia cited for vetoing renewable-energy initiatives. In the UK, the Reform Party, funded largely by fossil-fuel interests, seeks to scrap net-zero measures, and in Ireland fuel-price protesters are demanding the abolition of carbon tax, a move that would benefit oil firms. UN Secretary-General António Guterres and others are calling for windfall taxes and compensatory payments to hold polluters accountable.