What specific observation by TotalEnergies' traders triggered their major Middle East oil purchases in March, and what was the strategic rationale behind it?

TotalEnergies' oil traders noticed the U.S. Navy amassing ships around the Persian Gulf in February, which led them to take a position counter to the then-downtrending market by buying Middle East crude—anticipating an imminent geopolitical escalation. As CEO Patrick Pouyanne stated, 'They decided to take a position counter to the market... and to buy, saying something was about to happen.' This decision preceded the February 28 Iran war outbreak involving U.S. and Israeli airstrikes on Iran.

How much Middle East crude did TotalEnergies purchase in March, what was the impact on benchmark pricing, and how did the company profit from the trade?

TotalEnergies purchased around 70 Oman and Murban cargoes—approximately 35 million barrels—in March, making it the sole buyer of Middle East crude during that period as the Iran conflict drastically cut supply; this helped push the benchmark Dubai price to a record high of nearly $170 per barrel. According to the Financial Times, citing sources, Total made more than $1 billion on the trade using financial instruments including futures, options, and swaps to bet on rising prices.

TotalEnergies made Middle East oil mega-trades after noticing US Navy buildup in Gulf in February, CEO says

May 28, 2026

TotalEnergies CEO revealed the company profited over $1 billion by purchasing 35 million barrels of Middle East crude ahead of the Iran conflict based on US Navy movements, driving Dubai benchmark prices to record highs and attracting scrutiny.

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