Major oil companies reap massive profits as U.S. and Iran fighting drives energy prices higher
Summary
U.S. oil and gas companies earned large profits during spring as fighting between the U.S. and Iran slowed oil shipments. The conflict blocked much shipping through the Strait of Hormuz, raising fuel prices and causing shortages worldwide.Key Facts
- The fighting between the U.S. and Iran has lasted six months.
- The Strait of Hormuz is a key shipping route for about 20% of the world’s oil and natural gas.
- Most shipping through this waterway stopped because of the conflict.
- Global oil supplies became limited due to these shipping disruptions.
- Prices for Brent crude oil rose from about $70 to over $100 per barrel during March, April, and May.
- At one point, Brent crude prices reached as high as $126 per barrel.
- Higher oil prices caused fuel costs to increase for consumers globally.
- U.S. oil and gas companies made large profits during this time.
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