The war in the Middle East has sent Big Oil’s profits soaring. Companies are pocketing the money rather than expanding drilling.

Five global oil majors — Exxon Mobil, Chevron, BP, Shell and TotalEnergies — posted a combined $48 billion profit in Q2, benefiting from oil prices surging above $100 a barrel…

Five global oil giants earned $48 billion in Q2 as oil prices soared past $100 per barrel, fueled by US-Iran tensions, sparking debates over high fuel costs.