Spanish energy giant Repsol has more than doubled its profits as the war involving Iran sent oil prices soaring and triggered major disruption across global energy markets.
The company reported a net profit of €929million during the first quarter of 2026, representing a 154% increase compared to the €366million recorded during the same period last year.
According to information submitted to Spain’s stock market regulator, the CNMV, the sharp rise was largely driven by a €593 million positive inventory revaluation linked to the spike in crude oil and refined fuel prices caused by the Middle East conflict.
Repsol said the geopolitical crisis had created ‘physical disruptions’ in international energy markets, particularly affecting refined products such as jet fuel and diesel.
The company’s adjusted net profit – which measures underlying business performance – also rose strongly, climbing 57% year-on-year to €873 million.
In a statement, Repsol warned that the global macroeconomic environment remains highly volatile due to the conflict in the Middle East, which has intensified uncertainty across commodity markets.
One of the clearest signs of the disruption is Repsol’s decision to significantly ramp up jet fuel production ahead of the busy summer travel season.
The company said it plans to increase kerosene output by between 15% and 20% in an effort to help protect Spain’s tourism industry from fuel supply pressures.
‘Repsol will do everything possible to safeguard tourism, an activity of great importance to the Spanish economy,’ the company said.
The announcement comes amid mounting concerns across Europe over the impact prolonged Middle East instability could have on aviation, transport and holiday travel this summer.
Repsol’s adjusted EBITDA surged 110% to €2.61 billion during the quarter, while the company also spent around €1.2 billion increasing fuel inventories to reinforce Spain’s energy security.
The company highlighted the importance of its five interconnected Spanish refineries, which it described as a key strategic advantage during the current crisis.
Repsol noted that Europe has lost 35 refineries since 2009, reducing refining capacity by around 20% while global competition continues to intensify.
