Oil Majors Reap $93 Billion Windfall From the Iran War
Oil prices have soared in recent months as a result of the almost complete closure of the Strait of Hormuz, a key trade corridor connecting Asia and Europe. High fossil fuel prices have helped to drive up the profits of oil and gas companies around the globe, particularly in the United States and Eu
Source: OilPrice.com
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DW NOTE
The Strait has been effectively closed for six months. Oil is down 27% from its peak. If majors are booking windfall profits in this environment, it's because they hedged the spike and are now selling inventory purchased at pre-war prices into a market that hasn't yet priced in the full supply shock—or because refining margins, not crude prices, are where the real money is being made.