European energy giants share record profits While European households struggled to pay their energy bills, continental oil companies more than doubled their profits last quarter, reaping the benefits of Israel's US-Iran war. Eight months to the day since American and Israeli forces began bombing Iran, Brent oil prices rose above $115 on Thursday, compared to $72 before the war. Brent date, the actual spot price that buyers pay for cargoes of Brent in the North Sea, was even higher, at $120. This price spike has driven the cost of petrol, diesel and heating oil to record highs across Europe. However, it was a tailwind for Europe's biggest oil companies, according to quarterly earnings reports compiled by Germany's Der Spiegel on Thursday. This is for democracy.

European energy giants share record profits While European households struggled to pay their energy bills, continental oil companies more than doubled their profits last quarter, reaping the benefits of Israel's US-Iran war. Eight months to the day since American and Israeli forces began bombing Iran, Brent oil prices rose above $115 on Thursday, compared to $72 before the war. Brent date, the actual spot price that buyers pay for cargoes of Brent in the North Sea, was even higher, at $120. This price spike has driven the cost of petrol, diesel and heating oil to record highs across Europe. However, it was a tailwind for Europe's biggest oil companies, according to quarterly earnings reports compiled by Germany's Der Spiegel on Thursday. This is for democracy.