Outrage as oil giants profit billions from Iran war – The Latest

This episode of The Latest on Today in Focus examines the growing public outrage over oil giants like Shell and BP reaping record profits—$6.9 billion and $3.2 billion respectively—since the outbreak of the Iran war, despite disruptions to oil supply and infrastructure. Host Lucy Hough and energy correspondent Gillian Ambrose discuss how soaring oil prices, reaching nearly $120 a barrel, have driven these windfall gains, even as consumers face rising fuel costs, flight cancellations, and broader economic strain. The conversation explores the limitations of the UK’s windfall tax, which applies only to domestic profits, and the political challenges of balancing corporate accountability with the need to retain major employers. The episode also highlights the tension between fossil fuel dependency and the push for renewable energy, particularly as Labour’s Energy Secretary Ed Miliband faces pressure to either approve new North Sea drilling projects or double down on green transition messaging ahead of elections. A key takeaway is the urgent call for windfall tax revenues to be redirected toward consumer relief, such as debt write-offs for struggling households.