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Reopening of the Strait of Hormuz drops oil, exposes billion-dollar profits of oil companies and expands debate on the global impacts of the energy crisis
The reopening of the Strait of Hormuz on Friday (17), after two months of war in the Middle East, dropped oil prices and revealed profits of oil companies, which totaled $23 billion in the first 30 days of the conflict.
Profits of oil companies
A survey by Global Witness for The Guardian, based on data from Rystad Energy, indicates that 100 oil and gas companies had $23 billion in additional profits in the month.
The study only considers the initial 30 days. As the partial blockade of the Strait of Hormuz lasted longer, the gains may have been greater.
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Companies
Among the most exposed are Saudi Aramco, ExxonMobil, Chevron, and Gazprom. Petrobras appears on the list, with an estimate of up to $8 billion in additional gains by December 2026.
This amount for Petrobras considers the maintenance of the blockade. With the reopening of the route for commercial traffic, the market reacted with a drop in prices.
Market
With the normalization of flow, the WTI barrel for May fell more than 9% and was traded at $85.33. Brent dropped to $90.69, following the relief in oil prices.
In Brazil, the dollar fell to R$ 4.95 and interest rates dropped sharply after weeks of volatility.
Impacts
During the peak of tension, the closure of the route raised the average price of the barrel to around $100 in March. This increased fuel costs and pressured economies dependent on imports.
Governments adopted measures to contain the pass-through to the final consumer, including tax cuts on fuels in Brazil, Italy, and South Africa, with effects on revenue.
In addition to companies, exporting countries also increased revenues. Russia recorded daily oil sales of $840 million in March, an increase of about 50% compared to the previous month.
With information from Info Money.
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