Oil Giants Cash In on Iran Conflict

Big oil companies are raking in massive profits as fighting in Iran continues to disrupt energy markets and drive up oil prices. Six of Europe's largest oil companies posted combined first-quarter profits of $22 billion, more than 40% higher than last year.

BP, based in London, saw its profits nearly 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 conflict has led to higher shipping costs as high oil prices have driven up the cost of gasoline, jet fuel, and diesel. In some parts of Asia, fuel supplies have run low, leading to rationing and closures of schools and government offices.