Revealed: major oil firms make $93bn profits amid war and climate crisis

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 windfall war profits have reignited calls for oil and gas supermajors such as Saudi Aramco and BP to pay for the environmental damage caused by “cashing in on human misery” and fund a rapid transition to renewable energy.

A Guardian analysis found the eight listed oil producers made almost $93bn (£69bn) in the three months to the end of June – the first full financial quarter after the US-Israeli war on Iran triggered a surge in global oil prices to highs above $126 a barrel. The companies have used the biggest disruption of fossil fuel supplies in the market’s history to almost double their combined profits from just under $50bn in the same period last year, with campaigners warning that millions of households are left “paying the price” in higher bills and climate chaos. The data suggests the eight oil companies – Aramco, BP, Shell, Equinor, TotalEnergies, Eni, Chevron and ExxonMobil – made more than $700,000 of profit every minute over the spring quarter.