Major oil companies reap massive profits as U.S. and Iran fighting drives energy prices higher

American oil and gas giants posted massive spring profits even as U.S.-Iran fighting disrupted petroleum shipments. The conflict, now in its sixth month, has impeded the movement of oil and other fuel supplies, contributing to higher energy prices for consumers worldwide. The report links the strain to shipping constraints through the Strait of Hormuz, a narrow waterway that has served as a key delivery route for about a fifth of the world’s oil and natural gas. With most shipping effectively halted, the supply squeeze has intensified concerns about availability and helped drive up costs for fuel.