Patrick Pouyanné of Total Energies said market turmoil creates opportunities for oil majors able to capture them, preferring disruption over peace. About 15% of Total’s global oil and gas production is exposed to Middle East conflict, yet profits rose 47% in the first half of 2026 to $11.4bn. Saudi Aramco’s Amin Nasser said oil stockpiles are 'scarily thin' after a seven-month war between the US, Israel, and Iran cut regional supply by nearly 3bn barrels, with over 1bn barrels drawn from reserves.
The US Supreme Court heard oral arguments in a landmark case seeking to hold Big Oil liable for climate change, with Exxon Mobil and Suncor Energy attempting to block a 2018 compensation case from Boulder, Colorado. Kannon Shanmugam argued interstate pollution claims are governed by federal law, while Chief Justice John Roberts questioned what makes this case different from others allowing state court proceedings. A Boulder victory could trigger suits in every state, with plaintiffs alleging Exxon and Suncor knowingly contributed to warming since the 1960s while obstructing public understanding.
Source: Financial Times Companies · Summarized by HeadlinesBriefing