Oil Giants Cash In on Iran Conflict Profits
Major oil companies have raked in massive profits due to increased energy prices caused by the ongoing conflict between Iran and the US. The Strait of Hormuz, a narrow waterway that serves as a delivery route for nearly a fifth of the world's oil and natural gas, has been halted since June, leading to higher prices for Brent crude.
Between April and June, Exxon Mobil saw its profits double to $14.53 billion, up 105% from the same time last year. Chevron's profits soared nearly fourfold to $12.07 billion, a 385% increase from the previous year.
Similar gains were seen among Europe's largest oil companies, with six of them posting first-quarter profits totaling $22 billion, a 43% increase from last year's figures. However, not all oil and gas companies have benefited equally in this environment.