Oil Majors Cash In on Global Energy Crisis

Major oil companies are reaping massive profits as the ongoing conflict between the US and Iran continues to disrupt global energy supplies. The fighting, now in its sixth month, has halted most shipping through the Strait of Hormuz, a narrow waterway that accounts for a fifth of the world's oil and natural gas deliveries.

As a result, prices for Brent crude have soared from around $70 per barrel to over $100, with some periods reaching as high as $126. This has led to increased costs for consumers, particularly drivers and airline passengers, with gasoline prices averaging $4.11 per gallon in the US.

ExxonMobil and Chevron, two of the largest oil companies in the world, have reported significant profits during this period. Exxon's second-quarter profits doubled to $14.53 billion, while Chevron's nearly quadrupled to $12.07 billion.