Iran-US Conflict Drives Energy Prices Higher, Fueling Oil Giant Profits

A conflict between the US and Iran has driven energy prices higher, resulting in massive profits for major oil companies such as Exxon Mobil and Chevron.

The fighting, which began six months ago, halted most shipping through the Strait of Hormuz, a narrow waterway that serves as a delivery route for nearly a fifth of the world's oil and natural gas.

With global supplies constrained, prices for Brent crude soared from $70 to above $100 a barrel for much of March, April, and May, reaching a high of $126 at one point.

Exxon Mobil reported doubling its second-quarter profits to $14.53 billion, up 105% from the same time last year, while Chevron nearly quadrupled its profits to $12.07 billion, up 385% from the same quarter last year.