Hormuz Shutdown Drains World's Oil Barrels, Boosts Oil Giants' Profits

The Strait of Hormuz shutdown has led to a significant loss of oil barrels, amounting to over 2.6 billion barrels since late February.

This shortage would take up to 18 months to replenish even if the strait reopened tomorrow, according to Aramco's CEO Amin Nasser.

The disruption has resulted in substantial profits for oil giants, with Aramco reporting a 44 percent increase in its second-quarter net profit to $32.69 billion.

ExxonMobil and Chevron also saw significant earnings growth, with their profits doubling and climbing to $14.5 billion and $12 billion respectively.