Big oil companies continue to post banner profits as fighting in Iran drives prices higher

Six of Europe's largest oil companies reported combined first-quarter profits of $22 billion, marking a 40% increase from last year as fighting in Iran pushed prices higher. Meanwhile, the S&P 500 climbed 1.8% to reach an all-time high. This market surge was driven by accumulating profits for US companies and a subsequent easing of oil prices, reflecting a complex global landscape of geopolitical tension and strong corporate financial performance across different sectors.