BP PLCIran conflict drives oil prices higher, boosting BP's profits
Big oil companies continue to post massive profits as fighting in Iran disrupts energy markets and sends oil and gasoline prices sharply higher. Six of Europe's largest oil companies posted combined first-quarter profits of $22 billion, more than 40% higher than last year, while BP's second-quarter profits more than doubled to $3.9 billion. Saudi Aramco reported a 44% year-on-year increase in second-quarter net profit to $32.69 billion, driven by higher crude oil, refined products, and chemicals prices. In the U.S., Exxon Mobil's second-quarter profits doubled to $14.5 billion on revenue of $116 billion, up 42%, and Chevron nearly quadrupled its profits to $12 billion with revenue jumping 56% to more than $70 billion. President Donald Trump criticized Chevron and Exxon Mobil for their outsized profits, saying they made too much money and should cut retail prices. Oil prices fell sharply on Tuesday, with U.S. crude dropping 5.4% to $75.98 per barrel and Brent crude falling 4.9% to $83.87 per barrel, after Treasury Secretary Scott Bessent said the U.S. and Iran may have a deal to open the Strait of Hormuz.
BP PLCIran conflict drives oil prices higher, boosting BP's profits
Exxon Mobil CorpIran conflict drives oil prices higher, boosting Exxon's profits
Chevron CorpIran conflict drives oil prices higher, boosting Chevron's profits
Iran conflict drives oil prices higher, boosting Saudi Aramco's profits