American oil and gas companies have reported significant profits during the spring months as ongoing conflict between the U.S. and Iran disrupted petroleum shipments, leading to higher fuel prices worldwide.

The conflict, now in its sixth month, has halted most shipping through the Strait of Hormuz, a critical passage that previously handled about 20% of the world's oil and natural gas. This disruption caused Brent crude prices, the international benchmark, to surge from approximately $70 to over $100 per barrel during March, April, and May, peaking at $126.

Fuel prices for gasoline, diesel, and jet fuel also increased, raising costs for consumers globally. Exxon Mobil reported a doubling of its second-quarter profits to $14.53 billion, a 105% increase compared to the same period last year. Similarly, six of Europe's largest oil companies posted combined first-quarter profits of $22 billion, a 43% rise from the previous year, according to Global Witness, a nonprofit environmental organization.

Patrick Galey, fossil fuels lead at Global Witness, commented, “There are constituencies around the world who are having a very good crisis, and the oil producers are one of them. When you compare that to the hundreds of millions of people who are struggling with rolling blackouts, with electricity curbs, rationing, waiting in line for food queues, or the disruption to fertilizers and the potential impact that that has on food prices, we don’t think that it’s a justifiable price for the rest of the world to be paying.”

Tom Seng, assistant professor of energy finance at Texas Christian University, noted that companies like Exxon and Chevron, which both extract oil and gas and own refineries, are best positioned to benefit from the current market conditions. Refineries with ample oil supplies, including those in the U.S., are realizing high profits, especially from jet fuel and diesel, which are priced about 41% higher in the U.S. than before the Strait of Hormuz was blocked.

The rise in fuel prices has had a tangible impact on consumers. As one observer, Whitehouse, said, “We cracked $4 again per gallon last weekend in gas stations that I drove by, and that’s a big expense, particularly for families that get their income from driving around from job to job in the work van or the work truck. It makes a real difference.”