The Iran war shoots the profitability of the energy sector up to historical maximums
Petroleum refining explains a third of the price increase in the State, according to CCOO
BarcelonaThe Iran war triggers the profitability of the energy sector in the State to historical highs. According to a report published this Tuesday by the economic cabinet of Comissions Obreres (CCOO), the margin on sales —obtained by dividing the gross operating profit by total revenue— was 24.5% at the close of the second quarter of 2026, a figure never before recorded that is three points higher than last year's and more than double compared to the fiscal years prior to the outbreak of the pandemic.
A good part of this increase responds to the strong rise in oil refining margins, which includes all those processes to transform crude oil into derivative products suitable for industry and consumption. According to the CCOO study, these activities raised their margin on sales to 28.4% on average over the last four quarters.
Spain also occupies a privileged position in this regard. The country has a refining capacity significantly higher than the European average, a fact that allows it to supply the domestic market and, at the same time, sell surpluses to foreign markets. In this sense, Spanish exports of refined crude increased by 66% year-on-year, while domestic sales grew by 31%.
The increase in margins in these activities is also one of the most significant reasons for understanding why products have become more expensive in general. According to the data analyzed by the union, oil refining accounts for almost a third of the price increase in Spain, which during the second quarter of this 2026 was 3.3% on average.
Faced with this situation, the confederal secretary of studies and speeches of CCOO, Carlos Gutiérrez, warns that the pressures on the final prices of those segments where companies are trying to readjust margins "could generate a dangerous core inflation," which is the one that does not take into account the price of energy and unprocessed food, products that are much more volatile than the rest.
Records in other sectors
Beyond the energy sector—which, in addition to refining, includes electricity supply and fuel trading—companies linked to the financial sector and real estate activity are also reaching new highs in profitability. In the former case, the rise in interest rates has catapulted the banks' margin on revenue to 29%, a new record in the historical series.
Regarding real estate activities, the margin on sales exceeds previous records and stands at 31.1%, in a context of a full-blown crisis for accessing housing in various parts of the State.