Energy companies Exxon and Chevron rake in huge profits as fighting between US and Iran drive energy prices higher

The conflict, now in its sixth month, halted most shipping through the Strait of Hormuz, a narrow waterway that previously served as a delivery route for a fifth of the world’s oil and natural gas. Energy companies Exxon and Chevron rake in huge profits as fighting between US and Iran drive energy prices higher Exxon Mobil on Friday reported doubling its second-quarter profits to $14.53 billion, up 105% from the same time a year ago, while Chevron nearly quadrupled its profits to $12.07 billion.

Major oil companies ExxonMobil and Chevron reported gangbusters profits driven by the spike in global oil prices unleashed by the U.S.-Iran war. NEW YORK (AP) — Energy companies Exxon and Chevron rake in huge profits as fighting between US and Iran drive energy prices higher.