US Oil Companies Cash In on US-Iran Conflict Profits

American oil companies are enjoying massive profits due to the ongoing US-Iran conflict, which has resulted in higher global oil prices. The Strait of Hormuz, a key waterway for oil shipments, was largely halted during the conflict, leading to a surge in Brent crude prices from around $70 to above $100 per barrel.

Exxon Mobil and Chevron reported significant profits, with Exxon's second-quarter earnings doubling to $14.53 billion and Chevron nearly quadrupling its profits to $12.07 billion. The two companies also saw revenue increases of 42% and 56%, respectively.

Refineries are benefiting from the higher oil prices, with some experiencing a six-fold increase in quarterly refinery profit despite processing less crude and selling fewer products. Experts attribute this to the global refining market being under-supplied, as countries like Russia and China have reduced their exports.