The Fossil Fuel Bonanza: A Windfall of Worries The Strait of Hormuz's closure has severely impacted a key trade corridor connecting Asia and Europe, pushing oil prices to record highs.
This has led to an astonishing $93 billion windfall for the world's largest oil majors, leaving many wondering if this surge in profits will be sustainable or merely a temporary reprieve.
The eight largest oil firms – Aramco, BP, Shell, Equinor, TotalEnergies, Eni, Chevron, and ExxonMobil – saw their combined profits soar to over $90 billion in the three months from April to June.