Major oil companies, including ExxonMobil, Chevron, Shell and TotalEnergies, have reported significant profit increases due to elevated crude prices. The conflict in Iran has disrupted Middle East supply routes, particularly the Strait of Hormuz, causing one of the largest supply disruptions in oil-market history. This disruption has reduced regional oil flows by millions of barrels per day, driving crude prices higher. Brent crude was priced around $69 per barrel in the July 2026 outlook, with WTI trading in the mid-$80s, indicating sustained high prices.
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