Energy Transition & Power Demand▲2
Japan's top three oil refiners swing to large profits in April–June quarter on Middle East conflict-driven crude price surge
The consolidated earnings for the April–June 2026 quarter are in for Japan's three major oil refiners, and all three posted substantial net profits. The effective blockade of the Strait of Hormuz following the Middle East conflict that began in late February pushed up crude oil prices at the time of sale compared with procurement, boosting profits, and also generated inventory valuation gains. ENEOS Holdings and Cosmo Energy Holdings swung from net losses a year earlier to large net profits, while Idemitsu Kosan's net profit surged eightfold year on year.