Iran-US Conflict Drives Oil Prices Sky High, Fueling Record Profits for Exxon and Chevron

A six-month conflict between the US and Iran has led to a significant increase in energy prices, benefiting major oil companies such as Exxon Mobil and Chevron.

The Strait of Hormuz, a narrow waterway that serves as a delivery route for a fifth of the world's oil and natural gas, was blocked due to the conflict. As a result, Brent crude prices soared from $70 to above $100 per barrel in March, April, and May.

Exxon Mobil reported doubling its second-quarter profits to $14.53 billion, while Chevron nearly quadrupled its profits to $12.07 billion. The two oil giants also saw significant revenue increases, with Exxon bringing in $116.02 billion and Chevron reporting $70.06 billion in revenue.