Middle East Conflict Drives Oil Company Profits to Record High

The conflict in the Middle East has led to a significant increase in profits for major oil companies. According to recent reports, the world's nine largest oil companies saw their combined profits rise by 56.9 percent in the first half of this year, reaching $152.8 billion. This marks a sharp increase from last year's figure of $97.4 billion.

Saudi Aramco recorded the highest profit among the group, earning $65.2 billion in the first six months of the year, which is 33.9 percent more than the same period last year. ExxonMobil followed closely behind with a profit of $18.7 billion, while Shell earned $16.5 billion and Chevron made $14.3 billion.

The impact of the conflict on the energy market intensified further in the second quarter, with US companies ExxonMobil, Chevron, and ConocoPhillips posting a combined profit of $30.5 billion. This represents a 163 percent increase from last year's figure of $11.6 billion. Saudi Aramco also recorded a net profit of $32.7 billion in the second quarter.

However, the rise in oil prices has become a political issue for the US government ahead of the midterm elections. President Donald Trump called on ExxonMobil and Chevron to direct part of their profits towards lowering energy costs for consumers, stating that they are 'making too much money' amid supply shortages.