TotalEnergies reported a 29% jump in first-quarter profits to $5.4bn, beating analyst forecasts as the Iran conflict drove higher oil prices and created trading opportunities. The French oil major capitalized on market volatility with strong trading revenues, particularly in March where it dominated Middle East physical oil markets.

Production outside the Gulf compensated for shutdowns in the conflict zone, where 15% of Total's regional operations remain offline. CEO Patrick Pouyanné responded by boosting shareholder returns, lifting the interim dividend to €0.90 per share and announcing share buybacks of up to $1.5bn in the second quarter.

The company expects energy prices to stay elevated through Q2 as restarting Middle Eastern production facilities takes two to three months. Competition between European LNG demand for storage replenishment and Asian needs for the warm season should continue supporting prices.