Oil company shares soar to all-time highs as Middle East war turbocharges price per barrel

March 15, 2026

TL;DR

Big oil companies' shares have reached all-time highs due to the war in Iran and subsequent oil price increases.
The combined market value of six major western oil companies has risen by over $130 billion in two weeks.
Shell, ExxonMobil, and Chevron have seen record stock market valuations.
The energy supply shock is expected to result in multibillion-dollar windfalls for the oil industry.
US oil companies anticipate a $63.4 billion boost, with BP and Shell predicted to receive a combined £5 billion.
Shell reached an all-time high valuation of £190 billion on the London Stock Exchange.
Exxon and Chevron shares climbed significantly, reaching market values of $630 billion and nearly $390 billion, respectively.
Other companies like BP, TotalEnergies, and ENI also recorded substantial share price rises.
Norway's state-owned Equinor has also seen significant gains, though its market value is slightly below its previous all-time highs.
International oil benchmark prices climbed to highs of $117 a barrel.
Environmental group 350.org advocates for windfall taxes on oil companies, redirecting funds to support households and clean energy.
The group warns against fuel duty cuts, calling them a subsidy for profitable companies.

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