Strait of Hormuz closure drives oil prices higher and lifts major company profits amid Iran war disruption
Global oil markets are being reshaped by the continued closure of the Strait of Hormuz, a key shipping route in the Middle East. The disruption has pushed oil prices higher for months and has fed through to household energy costs in the United States and Europe. At the same time, major oil companies have reported sharply higher quarterly profits as the war on Iran and widening hostilities in the Red Sea continue to unsettle supply chains.The companies named in the latest market reports include ExxonMobil, Chevron, Shell, BP and TotalEnergies. ExxonMobil said second-quarter earnings reached $14.5bn, with adjusted earnings of... [Continue Reading]
360LiveNews | 04 Aug 2026 15:30 LONDON
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