Major American oil companies reap massive profits as US and Iran fighting drives energy prices higher

NEW YORK: American oil and gas giants raked in massive spring profits while fighting between Iran and the US impeded petroleum shipments and consumers around the world paid more for fuel and confronted shortages. The conflict, now in its sixth month, halted most shipping through the Strait of Hormuz, a narrow waterway that previously served as a delivery route for a fifth of the world’s oil and natural gas.

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