Oil Giants Cash In on Conflict Profits Amid Ongoing Iran Crisis

Big oil companies are raking in massive profits due to the ongoing conflict in Iran, which has disrupted energy markets and sent oil prices soaring.

The six largest European oil companies reported combined first-quarter profits of $22 billion, a 40% increase from last year's figures. BP 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 net profit to $32.69 billion.

These supercharged performances follow reports of enormous profits from the largest U.S. oil drillers last week. The conflict has led to high oil prices, driving up the cost of gasoline, jet fuel, and diesel, which has resulted in higher shipping costs for consumers.