Iran Conflict Drives Oil Prices Higher, Boosts Big Oil Profits

Big oil companies are continuing to rake in massive profits as conflicts in Iran disrupt energy markets and send oil prices sharply higher. The disruption, which has been ongoing since July, has resulted in increased costs for oil and gasoline, benefiting big oil companies.

The Associated Press reported on August 4 that major oil companies have continued to book impressive profits despite the turmoil in the region. This trend is expected to continue as long as the conflict persists.