BP, Shell, and TotalEnergies made at least $2.5 billion from trading in Q1 2026 as the Iran war created the largest oil supply disruption in history. Meanwhile, Exxon and Chevron lost $7 billion in derivative losses.
Renault built a 15-year industrial partnership in Iran, only to abandon it when US sanctions returned in 2018. Chinese automakers are filling the gap — and Europe’s window is closing.
In 2011, the EU and Iran exchanged €27 billion in goods. By 2025, that figure had fallen to €3.72 billion. As China fills the vacuum, Europe’s decade-long economic retreat from Iran looks less like strategy and more like surrender.