Oil Giants Reap Profits as Global Prices Soar Past $100

Global oil prices surged past $100 per barrel on March 9 after Iran fired a barrage of missiles at its Gulf neighbors, signaling that the Strait of Hormuz may remain shut. The conflict has disrupted global fossil fuel supplies, driving profits for energy majors worldwide.

BP and Saudi Aramco reported sharply higher second-quarter profits on Tuesday, with BP's net profit more than doubling to $3.91 billion. Total revenue rose 47 percent to $70 billion over the same period. Aramco posted a 44 percent increase in net income, reaching 122.6 billion riyals ($32.7 billion).

Both companies attributed their gains to the war's disruption of global supplies and trading opportunities tied to oil and gas futures.