TotalEnergies resumed share repurchases of up to $1.5 billion over Q2 as war in the Middle East drives earnings growth. The French energy major reversed its February cut to $750 million after price rises boosted cash flow.

Conflict-induced supply disruptions have inflated commodity prices, lifting TotalEnergies’ results. The move signals renewed confidence in its financials amid geopolitical tensions that raised production costs.

Investors are watching as TotalEnergies returns capital—$1.5 billion is a substantial amount for a refiner in a volatile market. Shareholders may see dividends or other payouts next.

TotalEnergies’ buyback halt in February underscored pressure from low oil prices. Now, it’s betting on higher prices to strengthen its balance sheet.