# The trading desks of Europe’s top three oil majors have reaped billions of dollars from the energy supply crunch caused by the Iran war.

*fintech · news · 2026-04-17 · The Globe and Mail*

## Key points

- BP, Shell, and TotalEnergies trading desks made at least $2.5 billion in Q1 from market volatility.
- European oil majors heavily outperformed U.S. rivals in share price since the Iran conflict began.
- TotalEnergies expects trading to boost Q1 earnings despite 15% of production shut in by the war.
- Exxon expects a Q1 earnings hit of $5.3 billion, mainly from derivatives timing due to the conflict.
- Equinor also anticipates higher earnings from oil price volatility and gas price spikes in Europe.

**Companies:** BP, Shell, TotalEnergies, Exxon Mobil, Chevron, Equinor
**Countries:** United States, Iran, France, Norway

[Read the full story on The Globe and Mail](https://www.theglobeandmail.com/business/industry-news/energy-and-resources/article-european-oil-majors-outshine-us-rivals-by-trading-on-energy-volatility/)

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