US-Iran Conflict Fuels $100 Billion Windfall for Big Oil

The ongoing conflict between the US and Iran has led to an increase in energy prices, benefiting major oil companies.

According to recent data, Brent crude, a benchmark for global oil prices, reached $69.29 per barrel, up from its 2020 low of $26.55. This surge in prices is largely attributed to the tensions between the two countries, which have disrupted oil exports and led to higher production costs.

The increased profits are being reaped by major oil companies such as Exxon Mobil, Royal Dutch Shell, and Chevron, who have seen their earnings rise significantly over the past year. In fact, these companies' combined profits have risen by nearly $100 billion since 2020, largely due to the increase in energy prices.