TotalEnergies reports record profit amid Gulf crisis spurring oil prices and European EV sales

French oil major TotalEnergies posted its strongest quarterly results in nearly three years, with adjusted net income of US$6 billion and a 67% rise in second‑quarter earnings. The surge was driven by higher oil prices linked to the war in the Persian Gulf and robust refining margins, while weaker LNG earnings weighed on results. CEO Patrick Pouyanne warned that crossing the Strait of Hormuz remains risky and could become a new normal, and the company announced its plan to exit the Arctic LNG 2 project.

At the same time, European new‑car registrations showed a 40% jump in electric‑vehicle sales in June compared with June 2021, pushing EVs to over 25% of all new vehicles and adding about 275 000 units. The price shock from the Gulf conflict and concerns over the Strait of Hormuz closure have accelerated adoption, contributing to a record 1.24 million EVs sold in Europe in the first half of the year.