A study commissioned by Greenpeace has accused oil companies of earning more than 80 million euros per day in 'war profits' within the European Union since the onset of the Middle East conflict, which began after the United States and Israel launched strikes against Iran on February 28 [1]. The report analyzed the difference between crude oil prices and fuel prices at the pump from January and February 2026, as well as the first three weeks of the war in March, finding that pump prices rose significantly more than underlying crude oil prices [1].
According to the study, if current profit levels persist, oil companies could expect additional operating profits of approximately 2.5 billion euros ($2.9 billion) for March alone [1]. The increase in margins was especially pronounced for diesel fuel, with oil companies earning a daily excess profit of 75.3 million euros from diesel sales to cars and trucks, compared to 6.1 million euros per day from petrol sales [1]. Margins were expanded predominantly in countries with high purchasing power, including the Netherlands, Sweden, Denmark, Austria, and Germany. In Germany, excess profits reached 23.8 million euros per day, followed by France at 11.6 million euros per day [1].
Greenpeace France has called on European governments to introduce permanent additional taxes on oil and gas company profits, suggesting that proceeds could be used to reduce energy bills and accelerate European energy independence [1]. The conflict has caused global oil and gas prices to surge, sparking fears of fuel shortages, particularly in import-reliant Asia [1]. Last week, the price of diesel in France reached its highest level since 1985, surpassing the peaks seen after Russia's invasion of Ukraine in 2022 [1]. In response to mounting pressure, many governments have implemented measures to limit the impact of supply difficulties and soaring energy prices [1].
CONCLUSION
Greenpeace's study highlights significant excess profits for oil companies in the EU amid the Middle East conflict, with diesel margins especially elevated. The surge in fuel prices has prompted calls for additional taxation and government intervention, underscoring heightened market volatility and concerns over energy affordability and supply.