Oil Giants Reap Billions as Iran Conflict Disrupts Global Supplies

The Iran-US conflict has disrupted global oil supplies, causing prices to soar and energy companies to reap massive profits. According to reports, Brent crude prices rose from around $70 a barrel to above $100 for much of March, April, and May, with some days reaching as high as $126.

Oil giants Exxon Mobil and Chevron saw significant gains, with Exxon's second-quarter profits doubling to $14.53 billion and revenue increasing 42% to $116.02 billion. Chevron nearly quadrupled its profits to $12.07 billion and revenue jumped 56% to $70.06 billion.

Patrick Galey, fossil fuels lead at Global Witness, noted that the oil producers are among those benefiting from the crisis, while millions of people around the world struggle with power outages, food shortages, and other disruptions caused by the conflict.