Iran War Drives Oil Profits to Highest Levels in Years

Major oil and gas giants, including Exxon and Chevron, have reported massive spring profits as fighting between the US and Iran impeded petroleum shipments. This conflict drove energy prices higher, with Brent crude soaring above $100 a barrel for much of the spring. While high commodity prices have negatively impacted the broader economy, the world's biggest energy companies are benefiting from constrained supplies, which forced consumers worldwide to pay more for petroleum products.