US-Iran Conflict Fuels Massive Profits for Oil Giants

The ongoing conflict between Iran and the US has led to a surge in energy prices, benefiting major oil companies such as Exxon Mobil and Chevron.

The Strait of Hormuz, a narrow waterway through which one-fifth of the world's oil passes, was largely blocked due to the conflict, causing global supplies to be constrained.

This led to a significant increase in the price of Brent crude, with prices soaring from around $70 to above $100 per barrel for much of March, April, and May, reaching as high as $126 at one point.

As a result, oil companies have seen their profits skyrocket. Exxon Mobil reported its second-quarter profits doubled to $14.53 billion, while Chevron nearly quadrupled its profits to $12.07 billion.