Why does TotalEnergies expect higher Q2 profit, and what specific geopolitical event triggered the energy price surge?

TotalEnergies expects higher second-quarter profit due to extended energy price rises caused by the U.S.-Israeli war on Iran, which led to Iran effectively shutting the Strait of Hormuz — a critical global oil transit chokepoint — thereby disrupting global supplies and pushing crude oil and gas prices to multi-year highs.

What was the average Brent crude price in Q2 2024, and how does it compare to the same period last year?

Global benchmark Brent crude prices averaged around $97 per barrel during the April-to-June quarter, up 45% from $67 per barrel a year earlier.

TotalEnergies expects higher Q2 profit after war-related oil, gas rally

Jul 15, 2026

TotalEnergies forecasts higher second-quarter profits driven by surging oil and gas prices amid geopolitical tensions disrupting global supplies. Brent crude averaged $97 per barrel, a 45% year-over-year increase ahead of the earnings release on July 23.

reuters

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