Oil Giants Cash In on Human Misery as Profits Soar

Eight of the world's largest oil companies made over $90 billion in just three months due to the Iran conflict, causing energy prices to skyrocket and deadly heatwaves across the globe.

The windfall profits have sparked renewed calls for oil giants such as Saudi Aramco and BP to pay for environmental damage caused by 'cashing in on human misery' and fund a rapid transition to renewable energy.

Guardian analysis found that the eight listed oil producers made nearly $93 billion in the three months to June, following the US-Israeli war on Iran which sent global oil prices soaring above $126 a barrel.

This data has significant implications for the Bank of England's interest rate decisions, as some committee members have suggested raising rates to combat inflation. However, experts argue that this assumption is flawed, pointing out that there is no evidence of excess demand in the UK economy.