Spain's Repsol reported a more than 50% surge in first-quarter adjusted net income to 873 million euros ($1.02 billion), as its refineries and trading divisions capitalized on market disruption caused by the Middle East conflict. The company operates no assets in the region, yet the upheaval in global energy flows rippled across its business.

Refining margins provided a significant boost, with the industrial division posting adjusted earnings of 440 million euros—a 308 million-euro improvement year-over-year. Traders also benefited from the volatility, joining peers BP and TotalEnergies, which both reported strong gains in their trading operations.

The results narrowly missed analyst expectations of 897 million euros, according to company-compiled consensus. Still, the performance demonstrates how energy companies without direct Middle East exposure can profit from supply chain disruptions affecting global markets.