TotalEnergies flags Q3 profit surge as Iran war continues to drive energy prices - Reuters

Source: Reuters

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DW NOTE

TotalEnergies is booking windfall profits from a blockade that has choked 20% of global oil supply for seven months. The Strait of Hormuz has been effectively closed since Iran sealed it in February — two ships passed through on October 11 versus the normal 85 per day. Call it what it is: shareholders are extracting rents from a geopolitical crisis the company did nothing to solve and cannot control.

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