American oil and gas giants raked in massive spring profits while fighting between Iran and the U.S. impeded petroleum shipments and consumers around the world paid more for fuel and confronted shortages.

Analysts are expecting major oil companies to report large profits while fighting between Iran and the U.S. impeded petroleum shipments.

US petroleum giants ExxonMobil and Chevron released blowout profits Friday, reflecting a major lift in business conditions from the Middle East war that easily offset negative…