War boosts giant oil profits to $47bn
The second quarter of 2026 saw a significant rise in the profits of major oil companies, with their combined net earnings reaching $47 billion. This increase was driven by soaring oil prices resulting from global conflicts, including the closure of the Strait of Hormuz, through which 20% of the world's oil passes. The British company BP's profits doubled to $3.91 billion, with revenues increasing by 47% to $70 billion, due to disruptions in global supply caused by the war in the Middle East.
Size: 120%Text Size
Notice: This Is an AI-Generated Summary
Comments (0)