Major oil companies reap profits as US-Iran fighting drives energy prices higher

Major oil companies made significant profits during the spring due to increased energy prices caused by tensions between the US and Iran. The conflict disrupted petroleum shipments, leading to higher fuel costs and shortages worldwide, according to Euronews.

The situation eased slightly when US President Donald Trump announced a pause on planned military strikes against Iran, with Trump stating that Iran and regional partners had requested time to negotiate a deal to reopen the Strait of Hormuz and address concerns over Iran's nuclear program. However, Iranian officials quickly denied that Tehran had requested a pause, saying it was "nothing but a new lie," and that their military forces remained on high alert.

Oil prices had surged nearly a quarter in July due to the conflict, but declined after Trump's announcement, with Brent crude falling as much as 7.3% to $81.55 a barrel. Despite this volatility, retail fuel prices in India remained steady, with state-owned oil marketing companies shielding consumers from fluctuations, as reported by Live Mint.

Brief written by urgent.news from Euronews, FXStreet, Live Mint — 3 reports on this story. Machine-written — may contain errors; check the original before relying on it.