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TotalEnergies expects Q1 earnings growth despite Iran war

TotalEnergies expects higher Q1 earnings as oil prices offset a 15% production drop. European refining margins rose 192% compared to the previous year.

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The energy giant TOTALENERGIES SE announced on Thursday that it anticipates a substantial increase in its first-quarter earnings for 2026. This growth is primarily driven by a surge in upstream production value and oil sales, as global prices for Brent Crude Oil climbed significantly following the outbreak of conflict in Iran.

Drivers wait in line to refuel their vehicles at a TotalEnergies station in Nairobi, Kenya, as international energy costs spike due to the ongoing conflict in Iran, April 14, 2026. REUTERS/Thomas Mukoya
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