Oil Giants Cash In on Conflict-Driven Profits

Big oil companies continue to reap massive profits despite rising energy costs caused by fighting in Iran. Six of Europe's largest oil companies posted combined first-quarter profits of $22 billion, a 40% increase from last year.

BP, based in London, saw its profits more than double to $3.9 billion in the second quarter, while Saudi Aramco reported a 44% year-on-year increase in second-quarter net profit that reached $32.69 billion.

The surge in profits comes as high oil prices drive up the cost of gasoline, jet fuel, and diesel, leading to higher shipping costs for consumers worldwide.