Big oil companies continue to post banner profits as fighting in Iran drives costs higher
NEW YORK (AP) — Big oil companies continue to book massive profits as fighting in Iran disrupts energy markets and sends oil and gasoline prices sharply higher. Six of…
Oil giants continue to post record-breaking profits as violence in Iran disrupts energy markets and drives up prices for gasoline, jet fuel, and diesel. Six of Europe's largest oil companies reported combined first-quarter profits of $22 billion, a 40% increase from the previous year. BP's second-quarter profits more than doubled to $3.9 billion, while Saudi Aramco experienced a 44% surge in net profit to $32.69 billion in the same period.
These impressive results follow reports of substantial profits from major U.S. oil drillers earlier this week. As the conflict in Iran persists, high oil prices have led to increased costs for consumers, including higher fuel prices for cars and planes. The situation is particularly dire in Asia, where fuel supplies have dwindled due to the reliance on Strait of Hormuz exports, resulting in rationing and disruptions to schools and government offices.
Despite a dip in oil prices to their lowest levels in three weeks, U.S. energy companies faced criticism from President Donald Trump for their outsized profits. Trump expressed dissatisfaction with Chevron and Exxon Mobil, criticizing them despite the surge in energy prices following the U.S. and Israel's attack on Iran in February, which effectively shut down tanker traffic through the Strait of Hormuz, a critical route for about 20% of global oil.
Written by urgent.news from Associated Press's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
