Oil Giants Cash In on Iran Tensions

Oil companies are raking in massive profits as tensions between the US and Iran drive up energy prices. In Europe, six of the largest oil companies combined for $22 billion in first-quarter profits, a 40% increase from last year.

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

However, President Donald Trump criticized big US energy companies, including Chevron and Exxon Mobil, for their outsized profits, saying they 'made too much money.' He called on them to cut retail prices for consumers.