world-economy

Major Oil Majors Post Record Profits as Crude Prices Surge on Middle East Conflict

Chevron, Shell and ExxonMobil reported exceptional quarterly earnings driven by elevated crude prices stemming from geopolitical tensions. Chevron posted its highest quarterly earnings on record, while Shell achieved its second-best quarter. ExxonMobil doubled its year-over-year earnings despite falling short of Wall Street expectations.

The three companies combined averaged $404 million in daily profits over the past three months. Closure of the Strait of Hormuz due to conflict has disrupted crude exports from the Persian Gulf, tightening global supply. According to trade intelligence group Kpler, only five ships were confirmed to have transited the strait on Thursday. Blocked refined fuel exports from the region further pressured markets.

The windfall has prompted European lawmakers and U.S. Congressional Democrats to propose taxation measures targeting the industry's extraordinary gains.