Energy

BP profits more than double as Iran war sends oil prices soaring - The Guardian

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DW NOTE

BP profits doubled because 20 million barrels per day are still bottled up in the Gulf and nobody can get them out. The ceasefire that was supposed to reopen Hormuz in June lasted about three weeks before collapsing. Oil companies don't manufacture scarcity — but they bill for it all the same.

Read the full story at The Guardian →

For the first four months of the war between the United States and Israel and Iran, oil traders remained largely bearish. The overwhelming expectation was that the war would end soon—even as July rolled around—and oil flows out of Hormuz would recover. Instead, the world is slipping into a fuel shor

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