Lebanese-Canadian business executive, CEO of Shell plc since January 2023
Energy majors have reported bumper profits as Middle East conflict drives oil and gas prices higher. ExxonMobil, Chevron, and Shell show sharp year‑over‑year gains amid volatile supply routes, while traders warn against overreliance on geopolitics for long‑term gains.
Oil majors have reported bumper profits for Q2 as volatility from Iran-related tensions sustains high crude prices. Executives say they are boosting reliability and refining where needed while returning cash to shareholders. Trump has criticized profits and urged lower prices at the pump.
Oil majors have posted strong quarterly profits amid continued volatility from the Iran-U.S. conflict and the Hormuz Strait. Aramco and European peers report multi-billion results, while policymakers and markets watch for potential windfall taxes and supply routes.
Global oil shipments through the Strait of Hormuz have recovered to roughly 80% of pre-conflict volumes, Shell CEO Wael Sawan has said, helping keep Brent below $100 and sending bullion near $4,165 an ounce. US equity futures are signalling further gains after the S&P 500 and Nasdaq 100 closed at record highs, driven by AI-related shares and Nvidia's surge.