Oil prices were depressed during the first two months of the year, but suddenly spiked after the U.S. and Israel attacked Iran on Feb. 28.
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Surging oil prices due to the Iran war did not result in a windfall for Exxon Mobil
and Chevron
in the first quarter.
The two biggest U.S. oil companies reported profits on Friday that fell dramatically compared to the same period last year. Exxon’s net income declined 45%, while Chevron’s tumbled 36%.
The U.S. aims to fill gaps in global oil and gas demand from the Iran war, but big worldwide shortfalls mean big profits.
Energy supply shock from US-Israeli attack on Iran fuels record valuations for Shell, ExxonMobil and Chevron
Through surging profits or soaring share prices, the war has been a boon for some firms.
Oil prices surged about 20%, hitting their highest since July 2022.
The world’s top 100 oil and gas companies made more than $30m every hour in unearned profit in the first month of the US-Israeli…
Oil prices have soared on the risk of escalation and then plunged on hopes for peace before repeating the cycle.
