Big Oil’s War-Related Profits Anger Governments
AI Summary
Major oil companies are expected to report large profits due to surging oil and gas prices influenced by ongoing hostilities in the Middle East, particularly between the US, Israel, and Iran. Governments express frustration over these windfalls amid geopolitical tensions.
Supermajors are set to report bumper profits for the second quarter thanks to the surge in oil and gas prices, driven higher by the hostilities between the United States, Israel, and Iran. This is a problem for governments—notably the Trump administration, but politicians in Europe are angry at Big Oil’s good fortune again. Oil prices soared fourfold earlier this year after U.S. and Israeli strikes on Iran prompted the latter to shut traffic via the Strait of Hormuz—something Tehran had been threatening it would do for decades…