Oil Giants Cash In on Iran Tensions with Record Profits

Oil companies are raking in massive profits as tensions between Iran and the US continue to drive up energy prices. The conflict has disrupted oil markets, leading to higher crude oil, gasoline, and diesel prices.

Six of Europe's largest oil companies posted combined first-quarter profits of $22 billion, more than 40% higher than last year. BP's profits more than doubled to $3.9 billion in the second quarter, while Saudi Aramco reported a 44% year-on-year increase in second-quarter net profit, reaching $32.69 billion.

The US energy companies Exxon Mobil and Chevron have also seen significant gains, with their second-quarter profits doubling to $14.5 billion and nearly quadrupling to $12 billion, respectively. The sharp increases in oil prices have driven up the cost of gasoline, jet fuel, and diesel, leading to higher shipping costs.

In some parts of Asia, fuel supplies have run low due to the conflict, resulting in rationing and sporadic closures of schools and government offices. US President Donald Trump has criticized the energy companies for their 'outsized profits', saying they should give some back to the public and cut retail prices.