Oil Giants Cash In on Iran Conflict Profits

Big oil companies are raking in massive profits due to the ongoing conflict in Iran, which has disrupted energy markets and driven up oil prices. Six of Europe's largest oil companies posted combined first-quarter profits of $22 billion, a 40% increase from last year.

BP, based in London, saw its profits more than double 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 driven by higher crude oil, refined products, and chemicals prices.

US energy companies Exxon Mobil and Chevron have also seen significant profits, with Exxon reporting a doubling of its second quarter profits to $14.5 billion and Chevron's profits nearly quadrupling to $12 billion.

President Donald Trump criticized the companies for their 'outsized profits', saying they should give some back to the public and reduce retail prices.