GBAF Logo
Global Banking & Finance Awards® 2026 Nominations open, free to enter Nominate now →
TotalEnergies flags Q3 profit surge as Iran war continues to drive energy prices - Finance news and analysis from Global Banking & Finance Review
Finance

TotalEnergies flags Q3 profit surge as Iran war continues to drive energy prices

Published by Global Banking & Finance Review

Posted on October 15, 2026

2 min read

· Last updated: October 15, 2026

Add as preferred source on Google

TotalEnergies Reports Major Q3 Profit Surge amid High Energy Prices and Iran Conflict

Third Quarter Performance and Market Impact

TotalEnergies' Refining Margins Surge

Oct 15 (Reuters) - TotalEnergies expects its refining margins to have nearly quadrupled in the third quarter compared to last year, as the Iran war continues to lift energy prices and boost profits for oil majors, the French company said in a trading update on Thursday.

Geopolitical Factors Driving Profits

The US-Israeli war with Iran, which led to the effective closure of the Strait of Hormuz, has disrupted global supplies and pushed crude oil and gas prices to multi-year highs, delivering a windfall for major energy companies like Total.

Refining Margin Comparisons

TotalEnergies expects to report a refining margin of $33.2 per barrel for the July-September quarter, up from $13.5 a barrel in the previous three months, and almost four times the $8.4 per barrel it had posted a year ago.

Industry-Wide Trends

Competitor Performance

Rival Shell said last week it expected a record-high third-quarter refining margin, while BP said on Tuesday its refining margin was set to triple from last year.

Upcoming Earnings Reports

TotalEnergies and Shell will report detailed third-quarter results on October 29, with BP to follow a day later.

(Reporting by Dimitri Rhodes in Gdansk, editing by Milla Nissi-Prussak)

Key Takeaways

  • TotalEnergies expects Q3 refining margin of $33.2/barrel, up from $13.5 in Q2 and $8.4 a year earlier, driven by supply disruptions from the Iran war (Reuters Oct 15, 2026)
  • Shell forecasts a record Q3 refining margin of $42/barrel amid the same Middle East conflict-driven price surge (Reuters Oct 7, 2026)
  • BP sees Q3 refining margins reaching $46.7/barrel—nearly triple year‑ago levels—and flags $3–4.5 billion in impairments linked to its low‑carbon business (Reuters Oct 13, 2026)

References

Frequently Asked Questions

Why did TotalEnergies report higher Q3 profits?
TotalEnergies reported higher Q3 profits due to surging energy prices driven by the Iran war's disruption of global oil and gas supplies.
What caused the spike in refining margins for oil majors?
The closure of the Strait of Hormuz due to the US-Israeli war with Iran caused global energy supply disruptions, resulting in higher refining margins.
How much did TotalEnergies' refining margin increase in Q3?
TotalEnergies expects a refining margin of $33.2 per barrel for Q3, up from $13.5 the previous quarter and $8.4 a year ago.
When will TotalEnergies and Shell report detailed Q3 results?
TotalEnergies and Shell will report detailed third-quarter results on October 29, with BP following a day later.

Tags

Related Articles

More from Finance

Explore more articles in the Finance category