TotalEnergies SE expects global commodity prices to remain high for the remainder of the year as wars in Israel and Ukraine, along with supply constraints, keep energy markets tight. 

The steep year-over-year drop in oil and natural gas prices dented the company’s results for the period. But the cost of those fuels still remained high and kept earnings stable enough to implement a $9 billion share buyback program this year. 

Geopolitical tensions and the decision by OPEC-Plus to maintain crude production cuts is likely to keep upward pressure on prices, the company said. 

CEO Patrick Pouyanné said the company doesn’t expect its activities in the Middle East to be impacted by the conflict between Israel and Hamas. He said operations are stable in Abu Dhabi and Qatar,...