Oil companies report massive profits amid Iran conflict

Major oil and gas producers are seeing significant profit increases driven by energy market disruptions linked to the conflict between the United States, Israel, and Iran. An analysis by AJ Bell suggests nine major producers could achieve a combined profit exceeding 95 billion dollars for two consecutive quarters.

Saudi Aramco reported a third-quarter adjusted net profit of 31.2 billion dollars, up from 28.6 billion dollars the previous year, with its refining segment seeing a 234 percent increase in operating profit. American companies also reported substantial gains: ExxonMobil reported an adjusted profit of 17.5 billion dollars, while Chevron reached 10.4 billion dollars. Shell nearly doubled its adjusted profit to 10.8 billion dollars, and BP reported an adjusted profit of 8.46 billion dollars, a nearly fourfold increase from the previous year.

These profits coincide with rising costs for consumers. According to Brown University’s Solutions Lab, Americans have spent an additional 150 billion dollars on gasoline and diesel since the conflict began on February 28, costing households more than 1,150 dollars on average. Experts note that while crude producers benefit from higher prices, refineries are seeing exceptional margins due to shrinking diesel and fuel supplies.