As tensions between Iran and the US reached a boiling point this spring, the global oil market was thrown into chaos, resulting in skyrocketing fuel prices and widespread shortages. Despite the disruption, American oil and gas giants reaped massive profits, leaving many to wonder if the industry's interests are truly aligned with those of consumers. The conflict, which saw Iranian forces seize a British oil tanker and the US impose sanctions on Iranian oil exports, severely curtailed petroleum shipments, exacerbating the crisis and sending shockwaves through the global economy. Meanwhile, consumers around the world were left to bear the brunt of the increased costs, with many facing long lines at the pump and struggling to afford the rising cost of fuel.
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.
