Oil Giants Cash In on Iran Conflict

Big oil companies are raking in massive profits despite the ongoing conflict in Iran. Six of Europe's largest oil companies posted combined first-quarter profits of $22 billion, a 40% increase from last year. BP's profits more than doubled 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 supercharged performances from big oil follow reports of enormous profits from the largest U.S. oil drillers last week. The conflict has driven up oil prices, which have led to higher shipping costs and affected consumers worldwide. In Asia, fuel supplies have run low in some countries, leading to rationing and closures of schools and government offices.

Despite a slight decline in oil prices on Tuesday, big U.S. energy companies drew criticism from President Donald Trump, who said they 'made too much money, too much money.' He called for them to give back some of their profits to the public and cut retail prices.