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Business briefing · Friday, October 30, 2026 · Evening edition · Story 3 of 5
Big oil companies see profit spikes due to geopolitical tensions
Chevron and Exxon reached all-time highs as refining profits increased due to rising global diesel prices from conflicts in Iran and Ukraine. BP reported its highest quarterly profits in 18 years, driven by increased oil refining margins from the war in the Middle East.
Why it matters: Rising profits for major oil companies highlight the impact of geopolitical conflicts on global energy markets and corporate earnings.
Sources: CNBC · The Guardian Business · Fortune
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