Oil Giants Reap Massive Profits from US-Iran Conflict

Major oil companies have reaped massive profits during the ongoing conflict between the U.S. and Iran, which has impeded petroleum shipments and driven up fuel prices worldwide.

The conflict, now in its sixth month, has halted most shipping through the Strait of Hormuz, a narrow waterway that previously served as a delivery route for a fifth of the world's oil and natural gas.

As a result, Brent crude prices soared from about $70 to above $100 a barrel for much of March, April, and May, with some days reaching as high as $126 per barrel.

Exxon Mobil reported its second-quarter profits doubled to $14.53 billion, boosted by record diesel production, while Chevron nearly quadrupled its profits to $12.07 billion and revenue jumped 56% to $70.06 billion.