- Major oil companies like Chevron, ExxonMobil, and Shell reported record or near-record quarterly profits, averaging $404 million in daily profits over three months, driven by higher crude prices from the Iran conflict and Middle East tensions.
- European lawmakers and U.S. Democrats are calling for windfall taxes on oil profits, citing excessive gains from external factors like war, with the UK already implementing such a tax and the EU imposing one in 2022.
- Despite high profits, oil executives are cautious about long-term gains, focusing on paying down debt and long-term growth instead of new drilling projects, as they expect the current price surge to be temporary.