Major Oil Firms Expect Billions in First Quarter Profits
Energy prices rose in March following the start of the war in Iran. Major oil firms expect billions in profit as Brent crude averages 97 dollars per barrel.
Global energy markets are grappling with the fallout of the most significant disruption to global supplies in years as conflict intensifies in the Middle East. While industry leaders discuss operational challenges, the financial implications are becoming clear: a multi-billion dollar windfall for the world’s largest energy producers. Brent Crude Oil has averaged approximately $97 per barrel throughout March, marking a sharp 33% increase from the $69 average recorded in February. This price surge follows the outbreak of war involving the United States and Israel against Iran, which has effectively halted a fifth of the global oil supply typically transported through the critical Strait of Hormuz waterway.
The current market environment mirrors the volatility seen in 2022, when the invasion of Russia into Ukraine sent energy prices to record highs. During that period, major energy firms reported historic profits, leading to increased shareholder returns and intense public debate over windfall taxes. Market analysts suggest that the first quarter of 2026 is on track to deliver similarly exceptional results for the sector.
