ExxonMobil Soars on War-Driven Profits

ExxonMobil's profits more than doubled to $14.5 billion in the second quarter due to surging oil prices and refining margins, the company reported on Friday.

The results come after other petroleum giants reported massive profits following Iran's virtual shutdown of the Strait of Hormuz, a key waterway for crude oil and liquefied natural gas shipments.

ExxonMobil attributed its revenue increase to higher oil prices, but noted that these prices were within 'historical ranges' due to reduced refining capacity and crude inventory releases.

However, the company's refining margins reached record levels in the quarter, driven by a nearly nine percent drop in global capacity due to war-related dislocations.