US-Iran Conflict Fuels Record Oil Profits for Exxon and Chevron

A prolonged conflict between the US and Iran has led to a significant increase in energy prices, benefiting major oil companies such as Exxon Mobil and Chevron. The Strait of Hormuz, a critical waterway for global oil shipments, was largely shut down due to the ongoing tensions.

This resulted in Brent crude prices soaring from around $70 to above $100 per barrel for most of March, April, and May, with a peak of $126 reached at one point. The heightened demand led to increased profits for these energy giants, with Exxon Mobil's second-quarter profits more than doubling to $14.53 billion.

Chevron also reported significant gains, with its profits nearly quadrupling to $12.07 billion and revenue jumping 56% to $70.06 billion. Six major European oil companies combined for first-quarter profits of over $22 billion, a 40% increase from the previous year.