TotalEnergies made $1bn profit from Middle East oil bet as war disrupts prices

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TotalEnergies has reportedly made over $1 billion in profit by purchasing oil cargoes in the Middle East amid disruptions caused by the Iran conflict. The company bought around 70 cargoes, more than double its previous purchases, as the Strait of Hormuz faced shipping challenges. The market for Middle Eastern oil became vulnerable due to a suspension of certain crude grades, allowing TotalEnergies to dominate. Prices for Dubai crude surged significantly, impacting Asian refiners who are now lobbying for changes in pricing benchmarks.