Oil Companies Cut Green Investments as Energy Prices Rise
Major oil corporations are reducing their investments in renewable energy and increasingly focusing on fossil fuels as geopolitical tensions and the conflict in Iran drive energy prices higher. The oil price (Brent crude) has risen by nearly 3% and reached its highest level in three weeks after peace talks between the US and Iran have stalled. According to analyses by Oxfam International, six of the world's largest oil companies expect windfall profits in 2026.