Iran's conflict leaves Middle East oil profits high

Despite tensions, the Iran-related conflict, and the closure of the Strait of Hormuz, major Middle Eastern oil companies achieved strong profits during the first half of 2026. This was driven by rising oil prices, which exceeded $90 per barrel, compensating for a decline in export volumes. These results reflect the resilience of the oil industry, which benefits from high prices even amid reduced production or exports, especially given that production costs in the Gulf are relatively low. Additionally, companies focused on diversifying income sources, increasing profits in refining and petrochemical sectors, and firms like ADNOC and Aramco capitalized on the rising prices despite market disruptions. Concurrently, the region has been working to reduce dependence on the Strait of Hormuz through alternative export routes.

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