Oil Giants Cash In on Iran Conflict as Prices Soar

Big oil companies are raking in massive profits as the conflict in Iran continues to disrupt energy markets and drive up oil prices. According to recent reports, six of Europe's largest oil companies posted combined first-quarter profits of $22 billion, a whopping 40% higher than last year.

The supercharged performances from big oil follow reports of enormous profits from the largest U.S. oil drillers last week. 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.

Exxon Mobil and Chevron, two of the largest U.S. oil drillers, also reported significant profits. Exxon's profits doubled to $14.5 billion, boosted by record diesel production, while Chevron nearly quadrupled its profits to $12 billion.