As Shell announces bumper Q1 profits of $6.9 billion, new analysis from Global Witness reveals that six of Europe’s leading oil majors – bp, Shell, TotalEnergies, Eni, Equinor and Repsol – have recorded the highest quarterly profits since 2022, when they reaped the benefits of the fallout from Russia’s war on Ukraine. In the first quarter of 2026, the combined $21.7 billion* in quarterly profits recorded by bp, Repsol, TotalEnergies, Eni and Equinor was 43% higher than the same period last year, reflecting a significant windfall from volatile oil prices caused by the US-Israel war in Iran. According to Global Witness’ analysis of quarterly filings, these six fossil fuel giants have not collectively generated this much money since Q4 2022. The three biggest European majors - Shell, BP and TotalEnergies - have earned $252 billion since the 2022 invasion of Ukraine. Global Witness head of news investigations Patrick Galey said: “As lives are destroyed through war and people everywhere fear rising bills, it’s galling to see oil giants like Shell raking in obscene amounts of money. “Sadly, we all know this isn’t the first time oil giants have cashed in from war - when Russia invaded Ukraine 4 years ago, our energy bills spiralled as fossil fuel firms raked it in. “And now we’re seeing the same pattern repeat itself: the combined profits of Europe’s six biggest oil firms were up by 43% compared to the same period last year. These are clearly the spoils of war. “It’s time to break free from the fossil fuel doom loop – we need robust taxes on big polluters to insulate households from price shocks and to fund a cheaper, cleaner, more stable energy future for all.” In April, analysis by Global Witness and the Guardian found that the world’s top 100 oil and gas producers banked more than $30m every hour in excess profit in the first month of the US-Israeli war on Iran, with the conflict pushing up oil prices above $100 (£74) a barrel in March. Although US oil majors Chevron and ExxonMobil are yet to cash in on the windfall from higher prices thanks to stalled deliveries and supply disruptions in the region, European majors like bp and TotalEnergies are already enjoying a boon from higher prices thanks to their substantial trading operations, which allows them to monetize market volatility. The shareholders in these companies stand to gain considerably from these profits. The three largest European supermajors – bp, Shell, and TotalEnergies, rewarded shareholders a combined $10 billion in Q1 2026 – since the war in Iran that sent oil prices spiralling began.