Commodities
Trump Targets 'War Profiteering' by Oil Companies Amid Iran Conflict
President Donald Trump has expressed his disapproval of oil companies profiting from the US-Iran war, calling it 'war profiteering.'
The conflict has led to a surge in global oil prices, benefiting oil exporters such as Saudi Aramco, which reported a 33% increase in profit during the second quarter.
Aramco's earnings were boosted by its decision to export more high-value products like diesel, but experts warn that high revenue cannot hold forever.
Other major oil companies, including ExxonMobil and Chevron, have also seen significant increases in profits, with ExxonMobil's second-quarter earnings more than doubling to $14.5 billion.