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. In Europe, six of the 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 net profit to $32.69 billion.

The situation has led to higher shipping costs and fuel prices for consumers in the West, but it's even worse in parts of Asia where the region relies heavily on fuel exports through the Strait of Hormuz.