As the world's most critical oil shipping lane remains closed due to ongoing tensions in the Middle East, Big Oil companies are reaping unprecedented profits. The Strait of Hormuz, which connects the Persian Gulf to the Gulf of Oman, is a vital waterway through which over 20% of the world's oil supply passes. With global oil prices soaring as a result of the closure, major oil companies such as ExxonMobil, Chevron, and Royal Dutch Shell are enjoying massive windfalls, further exacerbating concerns about the widening wealth gap between the energy giants and ordinary consumers. As the crisis continues, experts are warning that the profits made by these companies could be used to drive up prices even further, leaving many to wonder if the benefits of the crisis are being shared fairly.
Big Oil companies have bagged astronomical profits as the critical Strait of Hormuz remains closed.
