Foreign companies profiteering from Iran's war, and Americans aren't: report

European energy companies are capitalizing on profits from the closure of the Strait of Hormuz, triggered by President Donald Trump's war on Iran, while American oil producers report declining earnings.

Shell reported first-quarter adjusted earnings of $6.92 billion, up 24 percent, with CEO Wael Sawan attributing the surge to an "unprecedented disruption in global energy markets," with oil prices exceeding $126 per barrel, The New York Times reports.

Britain's BP, or petroleum, more than doubled first-quarter profits to $3.2 billion, while French TotalEnergies reported $5.4 billion in quarterly net income and increased dividends.

Meanwhile, American producers are left facing headwinds: Exxon Mobil reported $4.2 billion in first-quarter earnings — down 46 percent from a year earlier — while Chevron's quarterly profit slid to $2.2 billion, a 37 percent drop year-over-year, according to NYT reports. Both companies attributed declines to accounting adjustments.

Exxon and Chevron announced no plans to increase drilling despite elevated prices.

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