Oil Majors Reap $93 Billion Windfall From the Iran War

Oil prices have soared in recent months as a result of the almost complete closure of the Strait of Hormuz, a key trade corridor connecting Asia and Europe. High fossil fuel prices have helped to drive up the profits of oil and gas companies around the globe, particularly in the United States and Europe. As a few companies boost production to fill the gap, some oil majors have seen record earnings in the first half of the year, a trend that is expected to continue for as long as Hormuz trade remains restricted. Eight of the largest oil firms achieved…