Major oil companies book massive profits as fighting between US and Iran continues
Major US oil companies reported record-breaking profits during the second quarter as geopolitical tensions between the US and Iran disrupted global shipping. The resulting supply constraints caused fuel prices to surge, impacting consumers and economies worldwide.
Why it matters
The report highlights the tension between corporate windfall profits and the global economic strain caused by energy inflation and supply chain instability.
By CATHY BUSSEWITZ Updated [hour]:[minute] [AMPM] [timezone], [monthFull] [day], [year] Leer en español --> Add AP News on Google Add AP News as your preferred source to see more of our stories on Google. --> Share
NEW YORK (AP) — American oil and gas giants raked in massive spring profits while fighting between Iran and the U.S . impeded petroleum shipments and consumers around the world paid more for fuel and confronted shortages.
The conflict, now in its sixth month, halted most shipping through the Strait of Hormuz , a narrow waterway that previously served as a delivery route for a fifth of the world’s oil and natural gas. With global supplies constrained, prices for Brent crude, the international standard, soared from about $70 to above $100 a barrel for much of March, April and May, and at one point reached $126.
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