US-Iran War Fuels Record Oil Profits Amid Consumer Suffering

The ongoing US-Iran war has led to record profits for major oil companies, with ExxonMobil reporting a profit of $14.53 billion in the second quarter, more than double its total from the same period last year.

Chevron's profits reached $12.07 billion, up 385 percent from $2.49 billion 12 months earlier, on revenues of $70.06 billion.

The US-Iran conflict has resulted in disrupted global supply chains and soaring crude prices, pushing Brent crude from prewar levels of around $72 to $73 a barrel to a peak above $120, briefly touching $126.

Activist groups like Global Witness have accused oil producers of enjoying 'a very good crisis', even as hundreds of millions of people endure blackouts and energy rationing.