Mapping Iran war’s strikes on Gulf energy – and what comes next for oil
Six months into the war on Iran, the largest US oil companies have posted their biggest profits since 2022, selling less oil at far higher prices. But the conflict is also putting their longstanding Gulf investments at risk, exposing the industry’s uneasy balance between wartime gains and mounting geopolitical vulnerability for investors worldwide.
Why It Matters
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Key Facts
- Fact 1: Six months into the war on Iran, the largest US oil companies have posted their biggest profits since 2022, selling less oil at far higher prices.
- Fact 2: Since the war began on February 28, Brent crude has risen about 22 percent, from $72 to $88 a barrel.
- Fact 3: “Overall we expect US companies’ share of gas supplies [from the region] to fall by around 40 percent this year compared to last year [and] the share of oil supplies to drop by 30-35 percent,” he told Al Jazeera.
- Fact 4: Chevron has limited exposure to Arab Gulf supply disruptions, with the region accounting for just 5 percent of its total global output.
Six months into the war on Iran, the largest US oil companies have posted their biggest profits since 2022, selling less oil at far higher prices. But the conflict is also putting their longstanding Gulf investments at risk, exposing the industry’s uneasy balance between wartime gains and mounting geopolitical vulnerability for investors worldwide.
Since the war began on February 28, Brent crude has risen about 22 percent, from $72 to $88 a barrel. The Strait of Hormuz – through which one-fifth of the world’s oil and natural gas was shipped before the war – remains largely closed to commercial traffic, though Iran and Oman agreed last week on a temporary maritime route. Iran says the strait will not fully reopen until the United States fulfils its commitments under a lapsed interim peace deal, leaving longer-term security and management arrangements unresolved.
(Original synthesis pending human/AI review — generated by the stub provider by selecting real sentences from the source material, not by writing new analysis or commentary.)
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