An employee strolls at the TotalEnergies refinery site in Gronfreville-L’Orcher, close to Le Havre, France, on April 23. Lou Benoist/AFP/Getty Images
Profits at the French energy firm TotalEnergies and Swiss bank UBS have surged due to increased oil prices and amplified market volatility stemming from the Iran conflict.
TotalEnergies announced a 29% increase in earnings for the first quarter of the year to $5.4 billion, partially influenced by fluctuations in oil prices. Nonetheless, the conflict has compelled the energy giant to halt certain oil and natural gas operations in the Middle East, impacting approximately 15% of the company’s overall production.
Yesterday, competitor oil firm BP announced that its profits more than doubled in the initial three months of the year due to its traders capitalizing on volatile fluctuations in oil prices. The war-induced benefit has sparked demands for windfall taxes on energy firms to mitigate the escalating expenses of gas and electricity for families.
UBS experienced an 80% increase in first-quarter profit to $3 billion, fueled by financial market fluctuations that spurred client inflows and heightened trading activity. “During the first quarter, we remained committed to assisting clients in maneuvering through a fluctuating and uncertain geopolitical and market landscape,” stated UBS CEO Sergio Ermotti in an earnings report. The bank’s stock surged 4.5% in Zurich, reaching 34.8 Swiss francs ($44).
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