TotalEnergies Bought Crude Ahead of Iran Conflict
CEO Patrick Pouyanne told Le Figaro that the company purchased 35 million barrels of oil in March after traders observed military movements in February. The trade reportedly generated over $1 billion in profit as the Iran conflict sent benchmark Dubai crude prices toward $170 per barrel.
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TotalEnergies SE generated over $1 billion in profit by purchasing 35 million barrels of Middle East crude ahead of the conflict in Iran. The trade followed observations by traders of a United States Navy buildup in the Persian Gulf during February. This positioning drove a 29% increase in first-quarter net income as regional supply chains tightened.
