US-Iran Conflict Drives Record Oil Profits Amid Global Supply Crunch

The ongoing conflict between the US and Iran has driven energy prices higher, benefiting oil majors such as Exxon Mobil and Chevron.

With global supplies constrained due to the blockade of the Strait of Hormuz, Brent crude prices soared from around $70 a barrel in March to above $100 by April and May, peaking at $126.

Exxon Mobil reported a 42% increase in revenue to $116.02 billion in the second quarter, with profits doubling to $14.53 billion.

Chevron saw its profits nearly quadruple to $12.07 billion, while revenue jumped 56% to $70.06 billion.