Big Oil Rakes in Record Profits Amid Iran Conflict
Big oil companies are raking in massive profits despite the ongoing conflict between Iran and other nations, which has disrupted energy markets and driven up prices. BP's profits more than doubled to $3.9 billion in the second quarter, while Saudi Aramco reported a 44% year-on-year increase in net profit that reached $32.69 billion.
The combined first-quarter profits of six European oil companies surpassed $22 billion, with some major players making huge gains. Exxon Mobil's second-quarter profits doubled to $14.5 billion, boosted by record diesel production, and Chevron nearly quadrupled its profits to $12 billion.
However, President Donald Trump criticized these energy giants for their 'enormous' profits, saying they should give some of it back to the public and cut retail prices. Despite this, oil prices have started to fall, with U.S. crude oil dropping 5.4% to $75.98 per barrel on Tuesday.
A resolution to the Iran conflict could potentially free up oil shippers to send vessels out of the Persian Gulf, where tankers have been trapped during the fighting.