🔻Major increase in oil companies’ profits due to higher oil prices as a result of the war

Two major oil companies, British Petroleum (BP) of the UK and Saudi Aramco, have said in their latest financial reports that their profits have risen significantly as a result of oil becoming more expensive due to the war in Iran.

Aramco has reported that its net profit in the April to June quarter was about $33 billion, which is 44% higher than the previous quarter.

The Saudi oil company recorded this high profit while Iran has closed the Strait of Hormuz and the Houthis in Yemen also attack Saudi ships in the Red Sea.

The British oil giant BP also announced today its highest quarterly profit since the start of the Russia-Ukraine war in 2022.

According to BP’s report, the company’s profit in the April to June quarter is $7.5 billion, more than double its profit in the quarter before that.