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The LeadA friend of mine was recently left in tears after filling up the car she relies on to drive to work. Thanks to the US-Israeli attacks on Iran, prices at the pumps have soared. She wasn't sure how her family was going to make it to the next paycheck.It is a personal story and a distressing one, but the big picture is truly obscene. Fossil fuel companies are raking in monstrous, unearned war profits taken from the pockets of people like you, me, my friend, and any of us who fills up a vehicle or pays an energy bill.The War-Profits Bonanza$30m an hour: that's the pure, unearned profits banked by the world's top 100 oil and gas companies in the first month of the conflict in Iran, purely due to the spike in the oil price. Now the first numbers are in, and that $30m may have been a major underestimate.Shell's profit for the first three months of 2026 more than doubled to $6.9bn, as did BP's, to $3.2bn. TotalEnergies profits also surged by more than 50%, up to $5.8bn. Even in the Gulf itself, where the flow of oil through the strait of Hormuz has been heavily restricted, some companies have still flourished. Aramco, the state oil company of Saudi Arabia, saw its profits soar by 26% to $33.6bn in the first quarter.The Financial Impact on ConsumersThose four companies alone, benefiting not just from the oil price hike but also bumper oil-trading profits, made $23m an hour for the whole of January, February and March. And the Iran conflict only started on 28 February.To get some idea of the scale of this, imagine I gave you $6,200. What would you do? Pay off a loan? Book a fancy holiday? A second later, I give you another $6,200; then again, for hours, weeks and months. That is the rate of profit of just those four companies.There is plenty more to come for the industry. Oil and gas supplies will take months to return to prewar levels, and reserves are getting dangerously low. Even if the oil price remains at today's level of about $100 a barrel, those 100 companies will make $234bn by the end of the year. Remember, the companies, and petrostates such as Russia, have done no extra work for this, just ridden a soaring oil price. Also remember, you are paying for this. Where I live in the UK, household energy bills are about to jump by £209 ($280) a year for the average home.The Industry's Climate ObstructionThe profits are extreme, but not new: big oil and gas has been wildly profitable for decades. It has made an average $1tn a year in pure profit for about 50 years. The fossil fuel sector also benefits from explicit subsidies that totalled $1.3tn in 2022, according to the International Monetary Fund.These riches have funded the lobbying and campaigns that block climate action and have done so for years, long after the science became crystal clear. As an example of the consequences, the UK's official climate advisers said on Tuesday that all care homes and hospitals will need air conditioning within the coming 10 years, to stop the heat killing people.The Green Transition AccelerationBut here's that silver lining I promised: these peak profits contain the seeds of their own downfall. Sky-high fossil fuel prices are pushing people, companies and nations to supercharge their rush towards green power for the simple reason that it is now cheaper and more reliable. Solar power does not need to transit through the strait of Hormuz, as Bill McKibben has observed.The numbers on the surge in renewable energy deployment, already exponential, are not yet in, but they will almost certainly be huge. Green funds are already attracting billions of dollars in new investments and one consultancy estimates that an oil price of $100 a barrel will drive $4tn of extra green investment by 2030.Big oil remains a formidable political force but, on the ground, people are already voting with their feet. Sales of new electric cars in the UK leapt by 59% in April, for example. The pain and anger of today's energy crisis may yet become a critical turning point in confronting the climate crisis.

The Profit Paradox in Big Oil Exxon Mobil and Chevron, America's two largest oil companies, reported unexpected drops in quarterly profits despite oil prices reaching levels not seen since 2022. The paradoxical situation highlights how geopolitical disruptions in the Middle East are creating complex financial outcomes for energy producers even as market prices soar. Quarterly Financial Results Exxon's quarterly earnings fell to $4.2 billion from approximately $7.7 billion in the same quarter last year, representing a decline of about 46%. Chevron's profits dropped to $2.2 billion from about $3.5 billion, a decrease of approximately 37%. Despite these significant drops, both companies managed to exceed Wall Street analysts' expectations. The Timing Effect Impact The profit declines were primarily attributed to "timing effects" and volume impacts in the Middle East. When excluding these timing effects, Exxon reported $8.8 billion in profit for the quarter. Chevron, meanwhile, faced unfavorable timing effects totaling about $3 billion, which significantly impacted its reported results. Geopolitical Market Disruptions The war in Iran has created significant market volatility, with oil prices reaching unprecedented levels. As Darren Woods, Exxon's chairman and CEO, explained: "As you close the quarter in the volatile market, you book the hedges, the paper, but the physical barrels are in inventory until they get delivered. So you get this deferred profit..." This situation has created a temporary disconnect between market prices and actual earnings realization. Industry Divergence While Exxon and Chevron reported lower profits, other oil companies have experienced different outcomes. BP announced that its profits more than doubled in the last quarter, crediting "exceptional oil trading" for its highest quarterly profit since 2023. Meanwhile, ConocoPhillips cut its forecast annual output due to disruptions in Qatar's liquified natural gas operations caused by the war, with Iranian attacks on QatarEnergy LNG's export plant expected to take years to repair. Consumer Impact and Market Outlook Despite the complex financial results for major producers, consumers are feeling the impact at the pump. Gas prices have climbed to an average of $4.39, up from $3.187 a year ago. Americans are also facing concerns about elevated inflation and slow job growth amid the turmoil in the Middle East. As the situation evolves, energy companies may eventually reap the full benefits of soaring oil prices, but current geopolitical disruptions continue to create significant market volatility.

Protesters Interrupt NatWest AGM with Climate SongThe chair of NatWest was forced to defend the bank against accusations of “climate backtracking” when activists from the XR Money Rebellion sang a rendition of Frère Jacques—"No more bombs, no more oil"—during the opening speech of the annual general meeting in Edinburgh. The protest halted the proceedings for roughly thirty minutes before the meeting resumed.Protesters wore black T‑shirts reading “No more big oil” and “No bombs”.Representative Mara Lilley of the Church of England pension board announced a vote against chair Rick Haythornthwaite’s re‑election over climate concerns.The disruption coincided with heightened shareholder questioning of climate policy and staff remuneration.Financial Stakes: £19bn Transition Finance and £200bn Sustainable Lending GoalNatWest disclosed that it provided £19 bn of energy‑transition finance in the second half of 2025 and set an ambitious target of £200 bn in sustainable lending by 2030. The bank also reported that oil and gas financing now represents only 0.6% of total lending.Goal: halve climate impact versus 2019 levels (currently at 39%).Net‑zero financing target: 2050.Executive pay: CEO Paul Thwaite to receive £6.6 m in 2025‑26.Boardroom Tension: Shareholder Dissent and Policy Shift ImplicationsDespite a 92% approval for Haythornthwaite’s re‑election—the lowest among 25 resolutions—significant dissent emerged. Jeanne Martin of Share Action, representing investors with $1.4 tn assets, warned that the softened fossil‑fuel policy could amplify physical risks such as flooding and heatwaves, threatening long‑term financial stability.Share Action called the policy change a “slight shift” that risks “accelerating exposure to physical risks”.Unite union representatives highlighted rising dividends and executive pay versus staff hardship.Future Outlook: Pressure on NatWest’s Climate Commitments and Stakeholder RelationsHaythornthwaite agreed to meet with concerned investors within three months, signalling a potential recalibration of the bank’s climate roadmap. Continued activist pressure and shareholder activism suggest NatWest will need to balance its pragmatic middle‑road approach with demonstrable progress on sustainable financing to restore confidence.Potential outcomes: tighter fossil‑fuel financing restrictions, enhanced reporting on transition plans, or renewed stakeholder dialogue.Long‑term risk: erosion of investor trust could affect capital costs and market reputation.

The LeadThe oil crisis triggered by the Iran war has fundamentally and permanently changed the fossil fuel industry, turning countries away from fossil fuels to secure energy supplies, according to the International Energy Agency (IEA) chief. Fatih Birol, executive director of the IEA, warns that the damage is irreversible and will have permanent consequences for global energy markets for years to come.The Permanent Energy ShiftSpeaking exclusively to the Guardian, Birol emphasized that the US-Israel war on Iran has caused countries to lose trust in fossil fuels and reduce demand for them. "Their perception of risk and reliability will change. Governments will review their energy strategies. There will be a significant boost to renewables and nuclear power and a further shift towards a more electrified future," he said. "And this will cut into the main markets for oil."Birol stressed that there is no going back from this crisis: "The vase is broken, the damage is done – it will be very difficult to put the pieces back together. This will have permanent consequences for the global energy markets for years to come."The UK North Sea DilemmaWhile focused on the global picture, Birol also addressed the UK's potential plans for North Sea expansion. The oil industry and its allies have called for increased drilling, including giving the go-ahead to the Jackdaw and Rosebank fields. However, Birol cautioned that these fields would not significantly impact the UK's energy security or prices."They won't provide any significant quantities of oil and gas for many years to come," Birol said. "They will not lower the bills, the UK will remain a significant importer and price taker on international markets. I am not even talking about the climate change effects – just from a business point of view, making a major investment in exploration might not make business sense."Birol did support tiebacks—extending existing oilfields—as a different matter that should proceed.The Renewable Energy OpportunityThe vastly changed energy outlook presents expanded opportunities for renewable energy, according to Birol. He highlighted that continuing high fossil-fuel prices could tempt developing countries to turn to coal, but solar is now competitive with coal on cost and growing faster."Renewables offer a no-regrets alternative and nuclear power is also likely to be increased," Birol said. "Building renewables was an option 'I never heard that anybody ever regretted,' he said. 'I don't see any downsides for renewable energy.'"The Global Energy OutlookBirol characterized this crisis as "bigger than all the biggest crises combined, and therefore huge." He expressed surprise that "the world was so blind-sided, that the global economy can be held hostage to a 50km strait."Despite the challenges, Birol sees a path forward: "This crisis will accelerate the energy transition. The question is not whether we will transition away from fossil fuels, but how fast and how well we manage this transition."More than 50 governments, including the UK, the EU, big oil producers and scores of developing countries will meet in Colombia for the world's first international conference on the transition away from fossil fuels, where the global response to the oil crisis and the push for renewable energy will be discussed.

The ongoing conflict in Iran has led to a significant increase in oil prices, with the world's top 100 oil and gas companies reaping enormous profits. In the first month of the war, these companies banked more than $30m every hour in unearned profit, according to exclusive analysis for the Guardian. This translates to estimated windfall profits of $23bn for the month of March, with Saudi Aramco, Gazprom, and ExxonMobil among the biggest beneficiaries.The surge in oil prices to an average of $100 (£74) a barrel has resulted in a substantial increase in profits for these companies. If the oil price continues to average $100, the companies are expected to make $234bn by the end of the year. The analysis uses data from a leading intelligence provider, Rystad Energy, analysed by Global Witness.The excess profits come from the pockets of ordinary people as they pay high prices to fill up their vehicles and power their homes, as well as from businesses incurring higher energy bills. Dozens of countries have cut fuel taxes to help struggling consumers, but this has resulted in reduced revenue for public services.Pressure is growing for windfall taxes on the war profits of oil and gas companies, with the European Commission considering a request from the finance ministers of Germany, Spain, Italy, Portugal, and Austria. The ministers argue that this would help ease the burden on the general public and finance temporary relief measures.Aramco is expected to make a war profit of $25.5bn in 2026 if the oil price averages $100. This is on top of the huge profits habitually made by the majority state-owned Saudi company – $250m a day between 2016 to 2023. ExxonMobil, which has a long record of denying climate change, will take in $11bn in unearned war profits in 2026 if the $100 price endures.The impact of the Iran war is likely to be long lasting, with the head of the International Energy Agency, Fatih Birol, describing it as the biggest shock ever to the global energy market. The UN's climate chief, Simon Stiell, warned that fossil fuel dependency is ripping away national security and sovereignty, and replacing it with subservience and rising costs.

Utah has enacted a law that effectively shields fossil fuel companies from legal accountability for climate damages. The legislation, signed by Republican Governor Spencer Cox, limits the ability of residents to sue these companies for their role in contributing to climate change. The new law is part of a broader effort by the fossil fuel industry and its allies to secure legal immunity in statehouses and Congress. This push is aimed at countering a wave of litigation filed by states, subnational governments, and individuals who claim that fossil fuel companies knew their products would cause climate damages but sold them anyway. Critics argue that the law prioritizes profits for the biggest polluters over communities already suffering from climate impacts. The law requires challengers to provide 'clear and convincing evidence' that damage or injury has resulted directly from a violation, making it virtually impossible to successfully sue polluters for climate damages. The legislation was sponsored by Republican Representative Carl Albrecht, who has received funding from oil and gas interests. Albrecht's ties to the industry have raised concerns about the bill's motivations. The law closely mirrors a model policy called the Energy Freedom Act, circulated by the conservative group Consumers Defense, which has financial ties to a group linked to Leonard Leo, a key figure in the far-right takeover of the Supreme Court. The passage of Utah's law comes as climate lawsuits against big oil companies are inching closer to trial. Seventy cities, states, and individuals have sued energy majors for allegedly deceiving the public about the climate crisis. New York and Vermont have also passed climate 'superfund' laws requiring major polluters to pay for damages caused by their past planet-heating pollution. Lawmakers and advocates have amassed evidence that oil companies intentionally covered up the climate harms of their products. Climate science continues to warn that fossil fuels are the primary cause of dangerous global warming. Critics argue that the fossil fuel industry is pushing for immunity because it knows it cannot win on the merits of its case.

BBC Arabic has faced sustained criticism in recent years for its selection of coverage and for featuring guests who have expressed antisemitic views on social media. However, Fiona Crack, the director of the BBC World Service, has defended the service, stating that it provides a unique and important perspective in the region.Crack argued that without BBC Arabic, the Arab world would lose one of the only independent and impartial outlets reaching nearly 40 million people in the region each week. She highlighted the service's coverage of the Gaza war, where it provided an Israeli perspective and Israeli experience that may not have been reported otherwise.The service has also been praised for reporting on serious incidents in the region that were ignored by other media, such as the big oil refinery fire in Saudi Arabia and jets that were brought down. Crack noted that many countries in BBC Arabic's region feature low down in media freedom rankings compiled by Reporters Without Borders, with Syria ranked 177th, Afghanistan 175th, Egypt 170th, the UAE 164th, and Saudi Arabia 162nd.Crack acknowledged that the service has made mistakes, but emphasized that they have apologized for them and taken steps to strengthen their systems. She also highlighted the importance of public service media in the region, stating that it is under threat and should be protected.