France, May 29 -- TotalEnergies has good news for its shareholders: it reported record profits of $5.8 billion in the first quarter of 2026 - helped in part by the crisis in the Middle East, which sent oil prices rocketing.

Chief executive Patrick Pouyanne has made no secret of the group's strategy since the conflict with Iran began on 28 February, when the United States and Israel launched air strikes on Iran.

"Our oil traders - and it's their job - noticed that the US Navy was massing ships around the Persian Gulf in February," Pouyanne told French newspaper Le Figaro on Thursday. "They decided to take a position counter ​to the market, which was trending down at the time, and to buy, saying something ​was about to happen....