Why US oil firms saw record gains during the US-Iran conflict
The conflict between the US and Iran caused major issues in the Strait of Hormuz, a vital route that previously handled roughly 20% of global oil and gas shipments. During this period of instability, major American oil corporations like Exxon and Chevron reported historic earnings. Because these firms operate their own refineries, they were able to process crude oil into gasoline and diesel, selling those products at significantly increased profit margins while global supplies remained tight.
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