The largest oil companies in the world are expected to collect more than $95bn (£71bn) in profits during the third quarter, as conflict in the Middle East pushes fossil fuel prices higher.

These wartime gains have renewed demands for companies including Saudi Aramco and BP to contribute towards environmental repair and support the shift to renewable power.

Research from investment platform AJ Bell suggests that nine of the largest publicly traded oil producers could generate more than $95bn over the three months ending in September. The increase follows the US-Israel conflict with Iran seven months earlier, which sent crude prices above $126 a barrel, and comes after the same firms reported $96bn in profits during the previous quarter.

Campaigners argue that the companies have benefited from the most severe disruption to fossil fuel supply chains in the market’s history, while households face higher energy costs and worsening climate impacts.

Saudi Arabia’s state-controlled Aramco is forecast to lead the sector’s profit rankings in the third quarter. Analysts expect the company, valued at about $1.7tn, to report a 7% rise in quarterly net income to roughly $30bn, despite attacks linked to Iran-backed Houthi forces.

According to the Carbon Majors database, Aramco’s oil and gas operations have produced more carbon emissions than any other company in history. Chevron and ExxonMobil follow, while Shell and BP are also among the top 10 biggest corporate contributors.

BP, which is listed in London, released its figures for July to September last week and reported quarterly profits of $8.46bn, its highest total since 2008.

Much of the industry’s increased earnings have come from refining operations. These businesses have taken advantage of stronger prices and helped address supply shortages after the Iran conflict disrupted cargoes passing through the Strait of Hormuz.

Major oil groups “are collecting vast profits while millions of people cannot afford their energy costs and climate damage intensifies”, said Mike Childs of the environmental group Friends of the Earth. “Rather than putting money into affordable domestic renewable energy, which could reduce bills, improve energy security and support jobs, fossil fuel companies are seeking approval to extract still more oil and gas. That would keep countries tied to a highly polluting energy system that is worsening climate change and putting communities at risk from heatwaves, floods and storms.”

Childs added: “We need an energy system designed around the public interest, not one that rewards polluters while consumers carry the cost. Ministers should move quickly to expand renewable energy, improve the efficiency of homes and reduce dependence on unstable fossil fuel markets. Companies earning billions from the present model should also be required to make a greater contribution to the cleaner, cheaper system that is urgently needed.”

Robin Wells, director of climate campaign group Fossil Free London, asked why the UK government was still offering support to an industry generating billions of pounds in quarterly profits.

“The oil industry is lobbying intensely for new drilling, even using methods associated with grassroots activists by displaying banners in Parliament Square,” he said. “While making billions, it is also seeking further tax incentives to develop Rosebank, an oilfield that will not cut household bills because its output will be exported and sold to benefit a small group of shareholders.”

The UK energy secretary, Miatta Fahnbulleh, is considering whether drilling should proceed at the Rosebank field in the North Sea, after granting a licence in October for the less disputed Jackdaw gas project.

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Specialists estimate that Rosebank could add 1m tonnes of carbon dioxide emissions each year by 2042, compared with a projected UK-wide target of 90m tonnes.

Approval of the project would likely anger environmental organisations and some Labour MPs, who believe it would weaken the government’s commitment to reaching net zero.

Shell and Saudi Aramco declined to comment. A BP spokesperson referred to remarks made by its chief executive, Meg O’Neill, at an industry conference this year, where she stressed the company’s part in addressing the global energy crisis and maintaining supplies of diesel and aviation fuel.

An Eni spokesperson said its earnings reflected “an effective operational and financial management model” that allowed the company to develop hydrocarbon resources to meet worldwide demand, which it said still depends heavily on oil and gas for energy security and affordable power for homes and industry.

The spokesperson added that Eni had also increased investment in its energy transition operations, including renewable energy.

Equinor, TotalEnergies, Chevron, ExxonMobil and ConocoPhillips were also invited to comment.