EOG Resources Beats Q2 Profit Estimates on Higher Crude Prices

US shale producer EOG Resources has reported a stronger-than-expected quarterly profit due to higher crude prices. The price surge was driven by concerns over the Iran conflict and its potential impact on Middle East oil supplies through the Strait of Hormuz.

Brent crude averaged $126.41 per barrel in April, up from $69.82 in January, while West Texas Intermediate (WTI) rose to $109.64 from $65.17 during the same period.

The average realized price for EOG's oil production reached $98.15 per barrel in the second quarter, a significant increase from $64.82 per barrel a year earlier.