European companies have made billions amid the war in Iran – Financial Times
Europe’s three largest oil and gas companies could have earned up to $4.75 billion thanks to fluctuations in global energy markets caused by the war in Iran. According to the Financial Times, rising oil prices significantly boosted their financial results.
According to estimates by five analysts, the trading divisions of Shell, BP, and TotalEnergies earned an additional $3.3 billion to $4.75 billion in the first quarter of 2026 compared to the last three months of last year.
Thus, they account for 48–69% of the $6.9 billion increase in the groups’ total profits compared to the previous quarter.
It is noted that among European oil companies, BP’s traders benefited the most from volatility in the oil market due to the war in Iran.
According to the average estimates of four analysts, the company’s trading division earned $1.75 billion more in the first quarter of this year than in the last three months of 2025, which is equivalent to nearly a quarter of the company’s total adjusted profit last year.
However, one analyst estimated BP’s division’s profit to be closer to $800 million. Meanwhile, Shell’s division earned an additional $1.6 billion from trading this quarter, according to the average estimates of five analysts, while TotalEnergies earned approximately $800 million more.
BP operates one of the world’s largest oil trading networks, employing over 2,000 people in London, Singapore, and Houston.
The company trades more than four billion barrels of crude oil per year, which is several times its own production. In addition, the company owns more than 300 tankers that transport crude oil and fuel around the world.
Prior to this, oil prices fell to $99 amid progress in negotiations between the U.S. and Iran.
The day before, U.S. President Donald Trump announced significant progress in negotiations with Tehran, noting that as part of a potential agreement, Iran could transfer its highly enriched uranium to the United States.
At the same time, Trump once again repeated the threats he has been making in recent weeks: “If they agree, it’s over; if not, we’ll bomb them.”
Official Tehran refused to participate in the second round of peace talks with the United States, which were to take place in Islamabad.
