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Iran War Drives Oil Profits to Highest Levels in Years
The New York Times • • business
Key Points:
- The ongoing war with Iran has significantly disrupted energy markets, leading to some of the highest quarterly profits in years for major oil companies.
- International oil prices averaged about $96 per barrel in Q2, marking a 45% increase compared to the same period last year.
- Exxon Mobil reported Q2 earnings of $14.53 billion, more than double its profits from the previous year, while Chevron’s profits surged to $12.07 billion from $2.49 billion.
- Prolonged conflict is expected to sustain high energy prices, potentially increasing profitability further for oil companies throughout the year.
