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The world’s five largest international oil companies (IOCs) and five largest U.S. independent refiners made over US$65 billion in profits in the second quarter of 2026 as conflicts in the Persian Gulf and Ukraine spiked oil prices and caused refined fuel supply constraints. As thousands die in the relentless bombardments of drones and ballistic missiles, the oil and gas industry reaps windfall profits in a year that was looking to be a loser before the bombs started falling.

The amounts are obscene. They are mindboggling. This is profit-making like you have never seen it before. It is also profiteering from war or price goughing at our expense. Big Oil is making billions off the misery of millions.