French oil and gas giant TotalEnergies has reported a sharp rise in first-quarter earnings, posting net profit of $5.8 billion as higher global energy prices linked to the war in the Middle East boosted revenues.

The company said on Wednesday that profit increased by 51 per cent compared with the same period last year.

According to the firm, stronger production in Brazil, Libya, and Australia helped offset losses in the Gulf region, which normally accounts for about 15 per cent of its total oil and gas business.

TotalEnergies also said it benefited from its ability to take advantage of rising market prices during the quarter.

Its oil and gas output rose by four per cent, while liquefied natural gas shipments increased by 12 per cent.

The company added that its trading division delivered a very strong performance.

Earlier this month, reports indicated that TotalEnergies earned more than $1 billion by purchasing much of the exportable oil cargoes in the Middle East after the US-Israeli conflict with Iran disrupted supplies and led to the closure of the Strait of Hormuz.

The disruption pushed oil prices sharply higher, benefiting major producers and traders.

However, the strong earnings have drawn criticism from environmental and consumer advocacy groups.

Campaign group Reclaim Finance said the profits highlighted continued global dependence on fossil fuels, arguing that consumers were paying higher prices while shareholders benefited.

Greenpeace France also criticised what it described as a cynical situation in which households face rising fuel costs.

The surge in profits has revived debate in Europe over imposing windfall taxes on energy companies benefiting from geopolitical crises.

French Prime Minister Sebastien Lecornu reportedly said he had no objection in principle to such a tax and called on TotalEnergies to redistribute excess profits in one form or another.

In response, the company said it was already supporting consumers by limiting fuel price increases at petrol stations.

TotalEnergies also announced that it had partially restarted its Satorp refinery in eastern Saudi Arabia in mid-April after the facility had been shut down due to air strikes earlier in the month.

The company increased its dividend to €0.90 per share, up from €0.85.

Shares in TotalEnergies were slightly higher in Paris trading on Wednesday, even as the broader CAC40 index declined.