Oil Giants Cash In on Iran Conflict Profits

Big oil companies are raking in massive profits due to disruptions in energy markets caused by fighting in Iran. Six of Europe's largest oil companies posted combined first-quarter profits of $22 billion, a 40% increase from last year.

BP's second-quarter profits more than doubled to $3.9 billion, while Saudi Aramco saw a 44% year-on-year increase in net profit, reaching $32.69 billion. The supercharged performances follow reports of enormous profits from the largest U.S. oil drillers last week.

Despite oil prices falling to their lowest level in three weeks, President Donald Trump criticized big U.S. energy companies for their outsized profits. He said they 'made too much money' and should give some back to the public and cut retail prices.

Oil shippers hope a resolution to the Iran conflict will allow vessels to send oil out of the Persian Gulf, where tankers have been trapped during the fighting.