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The Nexus
BUSINESSAug 4 · 16:27 UTCWTOP DCWTOP Staff

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

Big oil companies are reporting record profits due to rising oil prices driven by conflict in Iran, with European firms earning $22 billion in Q1 and U.S. companies like Exxon Mobil and Chevron nearly doubling or quadrupling profits. The situation has caused fuel shortages in parts of Asia and higher energy costs globally, prompting criticism from U.S. President Donald Trump.

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BPorganizationSaudi AramcoorganizationExxon MobilorganizationChevronorganizationStrait of HormuzplaceDonald TrumppersonIranplaceoil pricestopic
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