Geopolitical conflicts ignite a refining surge: five oil giants rake in $56.3 billion in a single quarter.

Zhitong Finance APP has learned that conflicts in the Persian Gulf and Russia have roiled energy markets and driven refining performance to record highs, allowing oil majors to reap more than $50 billion in windfall profits. ExxonMobil (XOM.US), Chevron (CVX.US), BP (BP.US), Shell (SHEL.US), and TotalEnergies (TTE.US) all beat expectations in their third-quarter results, with combined adjusted net profit reaching $56.3 billion, underpinned by an unprecedented fuel supply crisis that pushed retail fuel prices to historic highs.