The second quarter of 2024 saw the world's biggest oil companies deliver their strongest financial performance since the aftermath of Russia's 2022 invasion of Ukraine, with six majors posting a combined $79.4 billion in net income. This surge was driven by Brent crude averaging about $104 a barrel, up more than 50% year-on-year, as the Iran war disrupted flows through the Strait of Hormuz. However, the gains were uneven, with companies farthest from the conflict seeing the biggest profit leaps.