Iran War Reshapes Gulf Oil: Profits Rise, Assets Face New Risks

Six months into the Iran conflict, Brent crude has risen about 22% as the Strait of Hormuz remains largely closed, boosting profits for major US oil companies while simultaneously heightening risk to Gulf assets and future growth. ExxonMobil and ConocoPhillips face greater disruption to LNG and oil volumes, Chevron’s Gulf exposure is more muted, and energy‑service firms see mixed regional results. While higher prices improve cash flow, ongoing attacks and geopolitical uncertainty could delay major Gulf projects and alter investment plans for US energy firms.