Oil Profits Soar by 57% Amid Middle East Conflict

The Middle East conflict has led to a significant increase in profits for major oil companies. The world's nine largest oil companies saw their combined profits rise by 57% to $152.8 billion in the first half of this year, according to the Anadolu Agency.

Saudi Aramco recorded the highest profit at $65.2 billion, a 33.9% increase from last year. ExxonMobil's profit was $18.7 billion, Shell earned $16.5 billion, and Chevron's profit nearly quintupled to $12.1 billion.

The US companies ExxonMobil, Chevron, and ConocoPhillips saw a combined profit of $30.5 billion in the second quarter, a 163% increase from last year. The total profit of the nine companies in the second quarter was $92 billion, up 108.6% compared to $44.1 billion a year earlier.

The rise in oil prices has been attributed to the conflict between the US and Iran, and experts warn that further escalation could lead to a sharp increase in oil prices.