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Iran War Lifts Oil Profits for Major Companies to Multi-Year Highs

The surge in oil prices has helped the world’s biggest oil firms post the strongest profit levels in years, even as higher energy costs have weighed on the broader economy, the New York Times reports.

Reported · Written up by our desk · Energy

The New York Times reports that the conflict involving Iran has contributed to higher oil prices, which in turn has boosted profits at the world’s biggest oil companies.

The outlet said energy prices, which have often been a drag on the wider economy, have instead become a tailwind for these large producers as commodity values rise.

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