Big Oil Posts Banner Profits as Fighting in Iran Pushes Oil and Gas Prices Higher

Big oil companies are continuing to post banner profits as the U.S. and Iran conflict disrupts energy markets and lifts oil and gasoline prices. The Associated Press reports six major European oil firms posted first-quarter profits totaling about $22 billion, up more than 40% year on year, while BP more than doubled quarterly profit to $3.9 billion. Saudi Aramco reported a 44% rise in second-quarter net profit to $32.69 billion. Higher fuel and shipping costs have also hit consumers and airlines globally.