US-Iran Conflict Fuels Oil Price Surge

As the US-Iran conflict continues to disrupt global oil supplies, major oil companies are expected to reap significant profits due to higher prices for fuel. The conflict, now in its sixth month, has halted most shipping through the Strait of Hormuz, a narrow waterway that previously served as a delivery route for a fifth of the world's oil and natural gas.

As a result, Brent crude prices soared from around $70 to over $100 a barrel for much of March, April, and May, with one point reaching $126. This has led to elevated profits for major oil companies like Exxon Mobil and Chevron, which announced their second-quarter earnings on Friday.

However, critics argue that this windfall is not justified given the hardship faced by consumers around the world due to fuel shortages and price increases. The average price for a gallon of regular gasoline has reached $4.10, about $1 more than last year's cost.