Oil Giants Reap Billions as Iran Conflict Drives Up Prices

Big oil companies are enjoying massive profits despite global economic uncertainty.

The six largest European oil companies saw their combined first-quarter profits soar by over 40% to $22 billion, according to recent reports.

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 net profit to $32.69 billion.

The conflict between Iran and other countries has led to increased oil prices, benefiting big oil companies but also driving up fuel costs for consumers.

In response, US President Donald Trump criticized the large profits of Chevron and Exxon Mobil, stating that they 'ought to give some of that back to the public'.