Oil Giants Post Record $65 Billion Profit Amid Iran Conflict

The world's largest oil exporters have reported combined profits of around $65 billion for the second quarter, largely due to soaring crude oil prices triggered by the Iran conflict.

Saudi Aramco, ExxonMobil, Chevron, and BP saw significant increases in their net profits, with Aramco posting a 44% increase to $32.69 billion from $22.67 billion a year earlier.

The companies benefited from higher prices for crude oil, refined products, and petrochemicals, as well as exceptionally high refining margins.

Aramco's CEO Amin Nasser warned that the disruption had depleted global oil inventories and could have lasting consequences for the world economy.