Oil Giants Cash In on Iran Conflict as Prices Soar

Big oil companies are posting massive profits as fighting in Iran disrupts energy markets and drives up oil prices. Six of Europe's largest oil companies combined for 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 high oil prices have led to increased costs for consumers, who are paying higher prices for gasoline, jet fuel, and diesel. In some parts of Asia, the situation is dire due to limited access to fuel supplies.