Oil Companies Cash In as Iran Conflict Drives Prices Higher

Big oil companies continue to rake in massive profits as the conflict in Iran disrupts energy markets and sends oil prices soaring. Six of Europe's largest oil companies posted combined first-quarter profits of $22 billion, a staggering 40% higher than last year.

BP, one of the affected companies, saw its profits more than double to $3.9 billion in the second quarter, according to the company's statement on Tuesday. Saudi Aramco also reported a 44% year-on-year increase in second-quarter net profit, reaching an impressive $32.69 billion.

The supercharged performances from big oil companies follow reports of enormous profits from the largest U.S. oil drillers last week. As the conflict drags on, high oil prices have driven up the cost of gasoline, jet fuel, and diesel, leading to higher shipping costs for consumers in the West. However, the situation in parts of Asia is more dire, as the region depends heavily on fuel exported through the Strait of Hormuz.

Despite oil prices falling to their lowest level in three weeks on Tuesday, big U.S. energy companies drew criticism from President Donald Trump, who blasted them for making 'too much money.'