Major Oil Firms Report $65 Billion Profit Amid Iran Conflict

Saudi Aramco, ExxonMobil, Chevron, and BP collectively reported a second quarter profit exceeding $65 billion, attributed to soaring crude oil prices and refining margins resulting from the Iran conflict. This situation arose following disruptions to global energy supplies due to attacks by the United States and Israel on Iran, which affected shipping through the Strait of Hormuz.

Brent crude prices surged from about $70 per barrel to over $100, peaking at approximately $126. Saudi Aramco's net profit increased by 44% to $32.69 billion, while ExxonMobil's earnings more than doubled to $14.53 billion.

Chevron reported earnings of $12.07 billion, and BP's underlying replacement cost profit more than doubled to $5.73 billion. Aramco's CEO, Amin Nasser, noted that the conflict had depleted global oil inventories, warning of potential long-term economic consequences.