Major oil companies reap profits as US-Iran fighting drives energy prices higher

Oil and gas giants raked in massive spring profits while fighting between Iran and the US impeded petroleum shipments and consumers around the world paid more for fuel and confronted shortages.

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America's biggest oil companies are reporting massive profits as the Iran war continues to disrupt global energy supplies. CBS News business contributor Javier David joins with analysis.

American oil and gas giants raked in massive spring profits while fighting between Iran and the U.S. impeded petroleum shipments and consumers around the world paid more for fuel and confronted shortages.

The conflict, now in its sixth month, halted most shipping through the Strait of Hormuz, a narrow waterway that previously served as a delivery route for a fifth of the world’s oil and natural gas.

Higher crude prices and record refining margins lift second-quarter earnings

The conflict, now in its sixth month, halted most shipping through the Strait of Hormuz, a narrow waterway that previously served as a delivery route for a fifth of the world's oil and natural gas.

Exxon Mobil on Friday reported doubling its second-quarter profits to $14.53 billion, up 105 per cent from the same time a year ago.