Oil Giants Cash In as Iran Tensions Fuel Price Surge
Big oil companies are raking in massive profits as tensions between the US and Iran disrupt energy markets, driving up oil prices.
The six largest oil companies in Europe posted a combined $22 billion in first-quarter profits, more than 40% higher than last year. BP's profits nearly doubled to $3.9 billion in the second quarter, while Saudi Aramco reported a 44% year-on-year increase in net profit to $32.69 billion.
US oil drillers also saw enormous profits, with Exxon Mobil and Chevron reporting record-breaking earnings. Despite the price drop of US crude oil to $75.98 per barrel on Tuesday, major oil companies' shares are up by 20-30% this year, outpacing the S&P 500's 13% gains.
President Donald Trump criticized big U.S. energy companies for their 'outsized profits', suggesting they should give some of that back to the public and cut retail prices.