Oil Supply Crunch Fuels Record Profits for Exxon and Chevron

The ongoing conflict between Iran and the U.S. has led to a global oil supply crunch, causing prices for Brent crude to soar from $70 to above $100 a barrel.

The Strait of Hormuz, a narrow waterway that handles one-fifth of the world's oil and natural gas shipments, was severely impacted by the fighting.

As a result, oil companies such as ExxonMobil and Chevron saw huge profits between April and June, with Exxon doubling its second-quarter profits to $14.53 billion and Chevron nearly quadrupling its profits to $12.07 billion.