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Radio France Internationale

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RFI

Middle East war boosts oil giants’ profits as 'households pay the price'

Oil Middle East United States TotalEnergies the Middle East British Petroleum

Global oil disruption triggered by the Middle East war has sent crude prices soaring, boosting profits for major energy companies while fuelling political debate over windfall gains. AFP - FABRICE COFFRINI

Oil giants have posted "exceptional" profits as war in the Middle East drives up crude prices, fuels global supply fears and creates trading opportunities – handing some of the world’s biggest energy companies a financial boon while consumers face rising costs.

French gas giant TotalEnergies posted a 51 percent jump in first-quarter net profit to $5.8 billion on Wednesday, the latest sign of how war-driven oil shocks are boosting the world’s biggest energy companies.

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