Oil Companies Expected To Reap Big Profits

NEW YORK (AP) — Analysts are expecting major oil companies to report large profits while fighting between Iran and the U.S. impeded petroleum shipments. Prices for Brent crude soared above $100 a barrel for much of the spring. Constrained supplies meant consumers around the world paid more for fuel and confronted shortages. But higher prices resulted in elevated profits for some of the biggest publicly traded oil companies. American oil and gas giants Exxon Mobil and Chevron are set to announce their earnings from April through June on Friday. They are among the companies positioned to benefit because they own refineries as well as extract oil and gas. Democrats in Congress have proposed taxing oil producers for war-related windfalls.