The Iran crisis has reshaped global energy markets, sending crude oil prices soaring and delivering massive profits to the world's biggest oil companies. As disruptions in the Strait of Hormuz pushed oil above $126 per barrel, energy giants including Saudi Aramco, ExxonMobil, Chevron, Shell, BP, and TotalEnergies reported record quarterly earnings.

Combined profits reached nearly $93 billion between April and June, while consumers worldwide struggled with soaring fuel and energy costs. The windfall has sparked political criticism and renewed calls for stronger taxes on excess profits and greater investment in clean energy.

Iran War Fuels Oil Profits: Energy Giants Earn $93 Billion in Just 3 Months

Oil prices saw modest gains on August 12 as optimism over a trade truce between the United States and China helped stabilise market sentiment, easing fears of a prolonged economic slowdown. Brent crude futures rose by 26 cents, or 0.39 per cent, to $66.89 per barrel, while US West Texas Intermediate (WTI) crude climbed 22 cents, or 0.34 per cent, to $64.18 a barrel. The market was buoyed by news that US President Donald Trump had extended the tariff truce with China by another 90 days, postponing the implementation of higher tariffs on Chinese goods. This move calmed concerns that a renewed trade war could disrupt global economic growth and, in turn, dampen oil demand. Retailers in the US were particularly relieved as the decision allows for smoother preparations for the upcoming holiday season.<h2>US-Russia talks over Ukraine and potential sanctions</h2>Another focal point for the oil market this week is the meeting between US President Donald Trump and Russian President Vladimir Putin, scheduled for Friday in Alaska. The summit is expected to center around the ongoing war in Ukraine, with the potential for a ceasefire deal. The outcome of the talks could have significant implications for the oil market, especially as Washington continues to pressure major Russian oil buyers such as China and India.Trump had previously threatened to impose secondary sanctions on Russia’s oil customers if the conflict persists. Any peace deal between Russia and Ukraine could reduce the risk of disruptions to Russian oil exports, which have been a major concern for traders since the war’s onset. A de-escalation in the conflict could lead to a normalisation of oil supplies from Russia, potentially stabilising global crude markets.<h2>US inflation data and future interest rate cuts</h2>Investors are also closely watching the release of US inflation data later today, which could provide hints on the Federal Reserve’s future interest rate decisions. Any indication that the Fed might cut rates in the near future would likely support crude prices, as lower interest rates tend to boost demand for oil. In the broader market, oil prices have been under pressure in recent months, with crude prices falling more than 10 per cent this year due to concerns about global oversupply and slowing economic growth. Traders are hoping that geopolitical developments, particularly the US-Russia talks, could offer some relief to the market in the near term.&nbsp;(With inputs from agencies)

Brent crude futures rose by 26 cents, or 0.39 per cent, to $66.89 per barrel, while US WTI crude climbed 22 cents, or 0.34 per cent, to $64.18 a barrel. The market was buoyed by news that US President Donald Trump had extended the tariff truce with China by another 90 days. 

Oil prices saw modest gains on August 12 as optimism over a trade truce between the United States and China helped stabilise market sentiment, easing fears of a prolonged economic slowdown. Brent crude futures rose by 26 cents, or 0.39 per cent, to $66.89 per barrel, while US West Texas Intermediate (WTI) crude climbed 22 cents, or 0.34 per cent, to $64.18 a barrel. The market was buoyed by news that US President Donald Trump had extended the tariff truce with China by another 90 days, postponing the implementation of higher tariffs on Chinese goods. This move calmed concerns that a renewed trade war could disrupt global economic growth and, in turn, dampen oil demand. Retailers in the US were particularly relieved as the decision allows for smoother preparations for the upcoming holiday season. US-Russia talks over Ukraine and potential sanctions Another focal point for the oil market this week is the meeting between US President Donald Trump and Russian President Vladimir Putin, scheduled for Friday in Alaska. The summit is expected to center around the ongoing war in Ukraine, with the potential for a ceasefire deal. The outcome of the talks could have significant implications for the oil market, especially as Washington continues to pressure major Russian oil buyers such as China and India. Trump had previously threatened to impose secondary sanctions on Russia’s oil customers if the conflict persists. Any peace deal between Russia and Ukraine could reduce the risk of disruptions to Russian oil exports, which have been a major concern for traders since the war’s onset. A de-escalation in the conflict could lead to a normalisation of oil supplies from Russia, potentially stabilising global crude markets. US inflation data and future interest rate cuts Investors are also closely watching the release of US inflation data later today, which could provide hints on the Federal Reserve’s future interest rate decisions. Any indication that the Fed might cut rates in the near future would likely support crude prices, as lower interest rates tend to boost demand for oil. In the broader market, oil prices have been under pressure in recent months, with crude prices falling more than 10 per cent this year due to concerns about global oversupply and slowing economic growth. Traders are hoping that geopolitical developments, particularly the US-Russia talks, could offer some relief to the market in the near term. (With inputs from agencies)

Brent crude futures rose by 26 cents, or 0.39 per cent, to $66.89 per barrel, while US WTI crude climbed 22 cents, or 0.34 per cent, to $64.18 a barrel. The market was buoyed by news that US President Donald Trump had extended the tariff truce with China by another 90 days.&nbsp;

Oil prices stabilise amid US-China trade truce extension and awaited US-Russia talks

The ongoing political tensions have an underlying economic dimension to them. The thickly forested esequibo region is at the centre the dispute. While it is a part of english-speaking guyana, venezuela has revived its claim to the region. The dispute is at least two centuries old and has its origins in european colonialism. The dispute would have lingered without any flare up. But things took a drastic turn in 2015. U.s. Firm exxon found crude oil reserves in esequibo's offshore waters.

How oil discovery transformed esequibo dispute | World Business Watch

Oil is up more than 35% this year amid optimism fuel demand will increase as the vaccination drive accelerates across major economies and boosts mobility.

Oil steady near two-year high on improving U.S. demand outlook

Brent crude oil rebounded from 2-days of losses. Oil trading has been more volatile than ever in recent days. Watch report.

US oil jumps 20% in wild trade: Revound from 20-yr low levels

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Iran War Fuels Oil Profits: Energy Giants Earn $93 Billion in Just 3 Months

Oil prices steady amid US-China trade truce extension, awaited US-Russia talks

How oil discovery transformed esequibo dispute | World Business Watch

Oil steady near two-year high on improving U.S. demand outlook

US oil jumps 20% in wild trade: Revound from 20-yr low levels