Oil Majors Reap Record Profits from Iran Conflict

Oil prices have skyrocketed in recent months due to the almost complete closure of the Strait of Hormuz, a key trade corridor connecting Asia and Europe.

The resulting high fossil fuel prices have greatly increased the profits of oil and gas companies worldwide, particularly in the United States and Europe.

Eight major oil firms saw combined profits exceed $90 billion in the three months from April to June following the U.S.-Israeli attack on Iran and subsequent war.

The Strait of Hormuz disruption has led to the largest fossil fuel supply shortage in history, forcing a few oil majors from the United States, Europe, and the Middle East to fill the gap and drive up oil prices further.