• Oil companies like BP, Shell, and TotalEnergies saw profits surge in Q1 2026 due to energy price spikes caused by the Iran war.
  • BP’s profit more than doubled to $3.2 billion, Shell’s rose to $6.92 billion, and TotalEnergies’ jumped by a third to $5.4 billion.
  • JP Morgan made a record $11.6 billion in trading revenue, and the ‘Big Six’ banks reported combined profits of $47.7 billion in Q1.
  • The closure of the Strait of Hormuz disrupted oil and gas shipments, benefiting companies with trading arms.

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