French oil and gas giant TotalEnergies says net profit doubled in the second quarter as conflict in the Middle East pushed up fuel prices.
TotalEnergies reports net profit of $5.4 billion in the period from April to June, up from $2.7 billion in the same period a year earlier.
“In a high-price environment related to the conflict in the Middle East, TotalEnergies is capitalizing on its integrated model and diversification,” says chief executive Patrick Pouyanne.
Meanwhile, British no-frills airline EasyJet says its profit tumbled in the third quarter as the Middle East war sent jet fuel prices soaring and dampened customer demand.
Profit before tax fell 70% to $114 million from April to June, compared to a year earlier, EasyJet said in a statement.
The carrier says it was impacted by “elevated fuel prices and a reduction in consumer demand following the onset of the Middle East conflict.”
EasyJet’s fuel costs increased by $140 million compared with last year.
“We have continued to manage the impact of the Middle East conflict,” during the quarter, says chief executive Kenton Jarvis.
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