European oil majors capitalized on war-driven volatility, boosting trading profits by billions in the first quarter of 2025.
BP, Shell, and TotalEnergies saw trading profits rise by as much as $4.75 billion in Q1 2025, driven by extreme market volatility linked to geopolitical tensions. Analyst estimates suggest the increase ranged between $3.3 billion and $4.75 billion compared to the previous quarter.
Oil majors typically do not break out trading profits separately from overall earnings, making direct comparisons difficult. The surge follows heightened price swings in energy markets amid ongoing conflicts in key producing regions.
The gains highlight the role of trading desks in capturing value during periods of uncertainty, though exact figures remain undisclosed by the companies.