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

Major oil corporations experienced record profits in the spring as tensions between Iran and the United States disrupted oil shipments, leading to higher fuel costs and shortages for consumers worldwide. The six-month conflict halted most shipping through the Strait of Hormuz, a crucial route for a fifth of the world's oil and natural gas.

Global Brent crude prices surged from around $70 to over $100 a barrel during March, April, and May, peaking at $126 in one instance. Exxon Mobil reported its profits doubled to $14.53 billion, while Chevron nearly quadrupled its profits to $12.07 billion in the second quarter. Six of Europe's largest oil companies saw combined first-quarter profits increase by more than 40%.

Patrick Galey, fossil fuels lead at Global Witness, noted that "There are constituencies around the world who are having a very good crisis, and the oil producers are one of them." Lawmakers have proposed taxing oil producers for their windfall profits, arguing that the crisis is not a justified price for the rest of the world to bear.