Oil Giants Reap Profits as Tensions Drive Up Energy Prices

Big oil companies are raking in massive profits as tensions between the US and Iran drive up energy prices. The six largest European oil companies posted a combined $22 billion profit for the first quarter, more than 40% higher than last year.

BP's profits more than doubled to $3.9 billion in the second quarter, while Saudi Aramco reported a 44% increase in net profit to $32.69 billion.

The surge in oil prices has led to higher costs for consumers in the West, but the situation is dire in parts of Asia where fuel supplies have run low due to the Strait of Hormuz blockade.