Energy firms reap windfall as conflict fuels oil price surge

Energy firms reap windfall as conflict fuels oil price surge

NEW YORK CITY, NEW YORK: Major U.S. oil companies reported soaring second-quarter profits as months of conflict involving Iran disrupted global energy supplies, pushed crude prices above $100 a barrel for much of the quarter and drove up fuel costs for consumers worldwide.

The fighting, now in its sixth month, has severely reduced shipping through the Strait of Hormuz, a key route that previously carried about o