""It is horrifying to see BP's profits grow as millions suffer the fallout from the U.S.-Israel war on Iran," Patrick Galey, head of investigations at campaigning outfit Global Witness, said in a statement responding to the company's results."
"In mid-March, when the war was only two weeks old, market capitalization at the world's six largest energy firms had surged a combined $130 billion, the Guardian calculated."
"With the Strait of Hormuz still impassable and one-fifth of the world's petroleum still locked up in the Persian Gulf, oil and gas giants have been reaping rewards from the supply crunch."
The ongoing war in the Middle East has led to substantial profits for oil companies, particularly BP, which reported $3.2 billion in profits for the first quarter. This figure is more than double the profits from the same period last year. The conflict has caused a supply crunch, benefiting energy firms as they capitalize on rising oil prices. Other companies like Shell and TotalEnergies are also expected to report increased profits, despite challenges in natural gas production due to Iranian air strikes.
Read at Fortune
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