Oil Giants to Gain $234 Billion from War Profits

The world's largest oil companies are expected to generate an additional $234 billion in profits by the end of the year, driven by oil prices averaging around $100 per barrel amid the ongoing U.S.-Israel war and tensions with Iran. According to Rystad Energy data, the top 100 oil and gas companies recorded a staggering $30 million per hour in paper profits during the first month of the conflict that began in late February.

As of Wednesday, Brent crude for June delivery rose by 0.87% to trade at $95.60 per barrel, while WTI crude for May delivery increased by 0.65% to $91.87 per barrel. Major beneficiaries of this situation include Saudi Aramco, which is expected to bank an extra $25.5 billion, Kuwait Petroleum Corp with $12.1 billion, Exxon Mobil with $11 billion, and Chevron Corp with $9.2 billion.

Additionally, Russian oil giants Gazprom, Rosneft, and Lukoil are anticipated to earn nearly $24 billion in extra war profits by year-end.