US Oil Giants Reap Record Profits as Global Fuel Prices Soar

As the US-Iran conflict has continued to disrupt oil shipments through the Strait of Hormuz, major American oil companies like Exxon and Chevron have reaped massive profits. Despite the global energy crisis that has driven up fuel prices and led to petrol rationing in some countries, these two giants have seen their earnings skyrocket.

In the second quarter, Exxon's profit doubled to $14.53 billion, with revenue rising 42% to $116.02 billion. Chevron's profit nearly quadrupled to $12.07 billion, with revenue up 56% to $70.06 billion. Six of Europe's largest oil firms reported combined first-quarter profits of $22 billion, a 40% increase from the previous year.

Refining businesses have benefited the most from the crisis, according to energy finance academic Tom Seng. Companies that own refineries, such as Exxon and Chevron, have seen their refining profit soar six times higher than the year before, even though they processed and sold less oil.