Author: Yashraj Sharma
Published on: 04/08/2026 | 00:00:00

AI Summary:
ExxonMobil, Chevron, Shell, and BP have climbed the ladder amid chaos, netting billions in profits as the war drags on with no end in sight. The companies, most of whose majority of production and supply are far from the Strait of Hormuz, have been bagging huge profits. Its results were driven by elevated oil prices and stronger refining margins amid the war in Iran. Saudi Aramco, world’s largest state-owned oil producer, also reported sharply higher quarterly earnings. Rising 44 percent year-on-year to $32.69bn. Saudi’s East-West Pipeline has helped reduce kingdom’s reliance on Hormuz for exports. Average global benchmark price for crude oil traded on the Intercontinental Exchange stood at $96.68 per barrel in the second half of 2026. US oil futures had an average closing price of around $92 per barrel from April through to June, about 27 percent higher than during the first quarter. The British economy is likely to shrink in 2027 if Strait of Hormuz does not reopen to shipping before the middle of next year. US President Donald Trump reacted furiously at the White House on Monday. ExxonMobil and Chevron are making too much money based on a shortage.

Original: 978 words
Summary: 193 words
Percent reduction: 80.27%

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