European Oil Giants Double Profits Amid Iran War

By Staff, Agencies

Europe’s largest oil companies more than doubled their profits over the latest quarter as households across the continent faced soaring energy bills amid the US-“Israeli” war on Iran, according to quarterly earnings figures compiled by Germany’s Der Spiegel.

Eight months after US and “Israeli” forces began attacking Iran, Brent crude prices reached $115 per barrel on Thursday, up from $72 before the war. Dated Brent, which reflects the price paid for physical North Sea crude cargoes, climbed even higher to $120 per barrel.

The surge has driven petrol, diesel and heating oil prices to record levels across Europe, while generating substantial profits for major energy companies.

British oil and gas giant Shell reported profits of $12.1 billion between July and September, more than doubling its earnings from the previous quarter and the same period last year. The company had recorded $5.43 billion in profits during the third quarter of 2025.

France’s TotalEnergies reported a 127% increase in profits to $9.1 billion over the same period, while Spain’s Repsol saw earnings rise almost fivefold, from $640.7 million to $3.1 billion. Austria’s OMV recorded a 68% increase, bringing its profits to $2.36 billion.

The rising earnings have prompted calls for an EU-wide windfall tax on oil companies. German Finance Minister Lars Klingbeil and his counterparts in Austria, Italy, Poland, Portugal and Spain have urged the European Union to introduce a levy similar to the “solidarity levy” imposed following the escalation of the Russia-Ukraine conflict in 2022.

Speaking after a meeting of EU finance ministers in Ireland last month, Klingbeil criticized the European Commission for delaying action and called for proposals to be presented by the next meeting of finance ministers in October.

However, the Commission rejected his proposal. EU Economic Commissioner Valdis Dombrovskis said decisions on taxing windfall profits were a matter for individual member states, leaving national governments to pursue their own measures.

Despite reports that Gulf exports had recovered to 80% of pre-war levels, several factors have continued to support elevated oil prices. These include Ansarullah attacks on Saudi energy facilities and shipping, the threat posed by naval mines in the Strait of Hormuz, and warnings of a potentially “intense” renewed US military campaign against Iran.

Together, these developments have contributed to keeping oil prices substantially above their pre-war levels, intensifying pressure on European consumers while benefiting major energy producers.