Big Oil's War Bonanza Sparks Government Anger The latest quarterly earnings reports from supermajors are expected to show substantial profits driven by surging oil and gas prices.
These prices have more than doubled since the start of the year due to escalating tensions between the US, Israel, and Iran. This windfall for Big Oil has ignited outrage among governments worldwide.
However, the situation is complex. The oil price spike was fueled not only by the Strait of Hormuz shutdown but also by production squeezes in other parts of the world, including Ukraine and Russia.