-Friday World | 5 Aug 2026
The conflict began in late February 2026. Disruptions to critical oil routes such as the Strait of Hormuz pushed crude oil prices above $60 a barrel, the level at which companies begin to turn strong profits. After the war started, prices mostly hovered between $70 and $120 a barrel, at times climbing as high as $126. This surge delivered record earnings to American giants. ExxonMobil reported more than $14.53 billion in profit for one quarter, while Chevron’s profits reached around $12 billion. In the United States, consumers are paying $3.90 to over $4 per gallon at the pump — significantly higher than pre-war levels.
The picture in Europe is even clearer. According to an investigation by the independent organisation Global Witness, six major European oil companies — Shell, BP, TotalEnergies, Eni, Equinor and Repsol — together posted approximately $22 billion in profits in the first quarter. That figure is 43 per cent higher than the same period last year. Profits continued to rise in the second quarter. Shell’s earnings roughly tripled, while TotalEnergies and BP also recorded substantial increases. These companies have capitalised on elevated crude prices, strong refining margins, and global supply shortages.
The European economy itself gained little from the war. Higher energy costs drove up household bills, put pressure on industry, and kept inflation elevated. Ordinary citizens are feeling the impact through more expensive petrol, diesel and heating. In some countries, supply shortages created additional problems. While company shareholders enjoy the windfall, ordinary families are watching their budgets stretch to breaking point.
This stark contrast is now fuelling public discontent. In Europe, citizens’ patience is wearing thin. When people take to the streets, situations can change rapidly. In countries such as Sri Lanka, Bangladesh and Nepal, economic hardship and high prices previously forced governments under intense public pressure. A similar scenario is becoming increasingly possible in Europe. Opposition to high energy costs, inflation and the companies’ record profits is now entering mainstream public debate.
The situation in America is comparable. American citizens are growing frustrated with the Trump administration. The war has driven up oil prices and household expenses. While parts of the media continue to shape certain narratives, people’s daily lived experience tells a different story. Media cannot indefinitely sustain public patience everywhere. There is a limit to how long that patience can be tested. Beyond that point, citizens are ready to bring governments onto the streets. For Trump, this rising dissatisfaction is a clear warning light.
Oil companies argue that the price rises stem from market conditions and supply shortages, and that they are simply operating efficiently. Critics counter that these are classic windfall profits. While ordinary people pay higher prices, the companies are returning large dividends and share buybacks to shareholders. Organisations such as Global Witness have described the situation as “profiting from human misery.”
This is not merely a story about oil prices. It is a broader test of economic inequality and public trust. When companies make billions while citizens struggle with everyday costs, social tension rises. European governments may soon have to confront this discontent. In some countries, demands for windfall taxes or additional levies could emerge. Political pressure is also mounting in the United States.
The global economy remains unstable. Oil prices have eased somewhat and moved closer to pre-war levels, yet volatility persists. Any fresh disruption to supply could send prices climbing again. In such an environment, both company profits and public anger are likely to continue.
For the average citizen the story is straightforward: in times of war and crisis, certain companies extract large gains while ordinary people bear the cost. The patience of European and American publics is now being tested. If this discontent grows further, street protests and political consequences could become inevitable. The experiences of Sri Lanka, Bangladesh and Nepal serve as reminders that public patience has limits — and once those limits are crossed, change can come quickly.
This crisis is not only about oil. It is about accountability, transparency and the interests of ordinary citizens. As long as the gap between companies’ record profits and the growing burden on citizens continues to widen, dissatisfaction will keep rising. The people of Europe and America are now seeing this reality clearly.
Sajjadali Nayani ✍
Friday World | 5 Aug 2026
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