US-Iran War Fuels Record Oil Profits Amid Soaring Fuel Costs

The ongoing US-Iran war has led to record oil profits for major companies, despite soaring fuel costs and energy shortages affecting households worldwide.

Brent crude prices surged from pre-war levels of around $72 to $73 a barrel to over $120 in the wake of the conflict, driven by supply disruptions and tensions in key shipping routes.

Oil giants like ExxonMobil and Chevron have reaped massive profits, with Exxon reporting a profit of $14.53 billion, more than double its previous quarterly earnings, while Chevron's profits reached $12.07 billion, up 385% from the same period last year.

European producers Equinor and Shell also posted historic numbers, with adjusted profits nearly doubling to $11.5 billion for Equinor and climbing to $9.84 billion for Shell.

Critics argue that these gains reflect profiteering from a crisis, particularly as state-owned firms in the Middle East have been severely impacted by the conflict.