FW Desk News
FreightWatch.News
Saturday, October 31, 2026
Oil majors reported exceptional quarterly earnings this week, driven by sustained geopolitical tensions in the Middle East. ExxonMobil more than doubled profits to $4 billion, while Shell nearly doubled earnings to $10 billion. The three largest companies combined posted over $36 billion in quarterly profits.
Middle East conflict has significantly constrained global oil supplies, elevating crude prices worldwide. Brent crude is trading around $113 per barrel, up from $70 before hostilities began. Oil produced in North America, Latin America and Europe commands premium prices as regional supply dwindles.
Demand for petroleum products remains steady as consumers continue heating homes, driving vehicles and transporting goods. Oil executives directed substantial profits to shareholders via dividends and stock buybacks. Shell executed one of its largest repurchase programs and ExxonMobil announced record dividend payments. Major producers remain cautious on capital expenditure, holding back new drilling investments.
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