Oil Giants Cash In on Iran Conflict Profits

Big oil companies are continuing to reap massive profits due to the ongoing conflict in Iran. The fighting has disrupted energy markets, driving up prices for oil and gasoline.

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.

Saudi Aramco reported a 44% year-on-year increase in second-quarter net profit, reaching $32.69 billion due to higher crude oil and refined products prices.

The situation is particularly dire for countries in Asia that rely heavily on fuel exports through the Strait of Hormuz. Fuel supplies have run low in some areas, leading to rationing and closures of schools and government offices.