The French company TotalEnergies achieved its best quarterly results in nearly three years, benefiting from the sharp rise in oil prices and improved refining margins, amid supply disruptions caused by the war in the Middle East.

The company announced on Thursday that adjusted net profit in the second quarter rose 67 percent to $6 billion, compared with $3.6 billion in the same period of 2025, in line with analysts' expectations.

Net profit reached $5.4 billion, compared with $2.7 billion a year earlier, doubling year-on-year.

The company said the war between the United States, Israel, and Iran, and the resulting disruption of supply flows through the Strait of Hormuz, contributed to pushing oil and gas prices to their highest levels in years, positively impacting the results of major energy companies.

The average price of Brent crude from April to June was about $97 per barrel, an increase of 45 percent compared with an average of $67 per barrel in the same period last year.

TotalEnergies also announced the continuation of its $1.5 billion share buyback program in the third quarter, the same level adopted in the second quarter.

The exploration and production sector recorded profits of $3.2 billion, up 64 percent year-on-year and 25 percent compared with the first quarter of 2026, supported by a gradual return of production in the Middle East.

The strongest performance came from the refining and chemicals sector, whose profits surged 362 percent to $1.8 billion, benefiting from higher refining margins and gains from oil and fuel trading amid supply shortages resulting from disrupted shipping through the Strait of Hormuz.

In contrast, profits in the liquefied natural gas sector fell 22 percent to $807 million, which the company attributed to weak demand for LNG in Europe.

TotalEnergies' results reflect the large gains made by global oil companies from higher energy prices in the second quarter, at a time when markets are still awaiting developments in geopolitical conditions in the Middle East and their impact on global oil and gas supplies.

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