Oil Majors Reap $93 Billion Windfall From the Iran War

Oil Profits Have More Than Doubled. Here’s What Trump Escalating the Iran War Could Mean for XOM and CVX

Oil has become one of the clearest financial beneficiaries of the Iran war — and one of the biggest headaches for American drivers. The Strait of Hormuz, a critical artery for global energy shipments, remains effectively closed, with little tanker traffic moving through the waterway.  West Texas Intermediate (WTI) crude is above $82 a barrel ... Oil Profits Have More Than Doubled. Here’s What Trump Escalating the Iran War Could Mean for XOM and …

ADNOC boosts oil output despite Iran war

Abu Dhabi is not the Gulf’s biggest energy exporter, but ADNOC has emerged as one of its most flexible — thanks to geography, defense capabilities, and a willingness to take risks. The state oil company has led the region in ramping up oil output during the Iran war, helped by the UAE’s exit from oil cartel OPEC in May: The UAE exported around 3.8 million barrels a day in June.Abu Dhabi is expanding a pipeline to Fujairah that bypasses the Strai…

Oil majors reap $93 billion Q2 profits as Iran war drives energy windfall

Energy supply shock from Hormuz closure doubles majors’ quarterly profits

Should windfall profits for oil companies go back to Canadians?

Photo: L. Manuel Baechlin / The Narwhal Canada’s large oil companies are raking in record profits during an energy crisis. We’ve been here before — but unlike last time, Ottawa isn’t prodding the industry to use more of the money to clean up its act. In some ways, it’s even volunteering to pick up the tab. The last time was just four years ago, when Russia’s invasion of Ukraine led to Western sanctions on Russian oil and fears about global energ…