Oil Giants Reap Huge Profits as War with Iran Drives Prices Higher

The ongoing conflict between the US and Iran has led to soaring oil prices, benefiting major oil companies such as Exxon Mobil and Chevron.

Brent crude prices skyrocketed from about $70 to over $100 a barrel in March, April, and May, with some days reaching as high as $126.

This surge in prices allowed these two energy giants to reap massive profits. Exxon Mobil's second-quarter profits doubled to $14.53 billion, while Chevron nearly quadrupled its profits to $12.07 billion.

The combined first-quarter profits of six European oil companies reached a staggering $22 billion, more than 40% higher than last year.