European Oil Majors Boost Trading Profits as Iran War Triggers Global Reserve Rebuild

European oil majors BP, Shell and TotalEnergies are projected to earn between $15 billion and $20 billion in pre‑tax profit from their trading divisions in 2026, raising their return on capital by roughly a third as the Iran‑related energy shock fuels market volatility.

Governments are buying millions of barrels of crude to restock strategic petroleum reserves depleted during the conflict. The replenishment effort could add up to 664,000 barrels per day of demand by the third quarter of 2027, with the United States leading the programme and countries such as Japan, South Korea, China and India also expanding their stockpiles.