Oil Companies Post Massive Profit Gains As Middle East Conflict Drives Energy Prices Higher.

Oil companies are posting massive profit gains as Middle East conflict drives energy prices higher. BP's second-quarter profit more than doubled to $5.73bn, beating analyst expectations. Saudi Aramco reported a 44% increase in net profit to $32.69bn for the quarter ending June 30, up from $22.67bn a year earlier.

The windfalls have drawn criticism, with President Donald Trump blasting US giants ExxonMobil and Chevron for making "too much money" on rising crude prices. Chevron's earnings surged nearly 400% to $12bn, while Exxon's profits more than doubled to $14.5bn. Trump said the companies should give some back to the public and cut retail prices.

Brent crude rose 1.3% to $85.08 a barrel. US gasoline averaged $4.10 per gallon on Monday, nearly 40% higher than the $2.98 before the Iran war began. Meanwhile, European farmers warn of a slump in food production and rising prices as extreme heat, drought, and wildfires damage crops, with olive oil costs expected to climb again.