US-Iran Conflict Boosts Oil Giants' Profits Amid Consumer Pain

The ongoing conflict between the US and Iran has led to a significant surge in oil prices, benefiting major oil companies such as Exxon Mobil and Chevron. According to recent reports, Brent crude prices soared from around $70 to over $100 per barrel for much of March, April, and May, with some days reaching as high as $126.

As a result, these oil giants have seen massive profits, with Exxon Mobil's second-quarter earnings doubling to $14.53 billion and revenue increasing by 42% to $116.02 billion. Chevron also reported significant gains, with profits nearly quadrupling to $12.07 billion and revenue jumping 56% to $70.06 billion.

Patrick Galey from Global Witness pointed out that the oil producers are reaping large profits while hundreds of millions of people struggle with energy-related issues such as rolling blackouts and food shortages.