US-Iran Conflict Fuels Record Oil Profits for Giants

The US-Iran conflict has led to significant profits for American oil and gas giants. The Strait of Hormuz, a narrow waterway, was blocked by the conflict, causing petroleum shipments to be halted. As a result, prices for Brent crude soared from about $70 to above $100 a barrel in March, April, and May.

The major players, Exxon Mobil and Chevron, have seen massive profits. Exxon reported doubling its second-quarter profits to $14.53 billion, up 105% from the same time last year. Chevron nearly quadrupled its profits to $12.07 billion, up 385% from the same quarter last year.

The conflict has also affected consumers worldwide, with gasoline and diesel prices increasing. The average price for a gallon of regular gasoline in the US reached $4.11, about $1 more than the cost at this point last year. Some countries have even implemented fuel rationing or government office closures due to shortages.