World

Major energy companies are reaping enormous profits from the ongoing Strait of Hormuz stalemate triggered by Donald Trump's war on Iran, with European oil giants reporting dramatic earnings surges while American producers sit on the sidelines, the New York Times is reporting.

British energy giant Shell reported robust first-quarter profits Thursday, with adjusted earnings soaring 24 percent to $6.92 billion — more than twice what the company earned in the previous quarter and significantly higher than analyst expectations.

In a statement, Shell's chief executive, Wael Sawan, attributed the windfall to an "unprecedented disruption in global energy markets," with oil prices briefly trading above $126 a barrel last week.

Shell is not alone in profiting from the conflict. Britain's BP more than doubled its first-quarter profit to $3.2 billion from the previous quarter, driven by superior oil trading and elevated prices. French oil company TotalEnergies reported quarterly net income of $5.4 billion and announced it would raise its dividend and double its share buybacks, the Times is reporting.

According to the Times' Gregory Schmidt, that stands in sharp contrast to American oil producers who are reporting declining profits despite elevated prices. 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. The Times report adds the caveat that the companies attributed the declines to accounting adjustments and paper losses they said would be unwound in coming months as gas prices stay high.

According to MS NOW national security analyst David Rohde, what is known about the rumored one-page memorandum of understanding between the US and Iran to halt the war is less than being advertised and the advantages still lie with the war-torn country.

Appearing on “Morning Joe,” Rohde praised the work of the negotiators but also claimed that the increasingly desperate American president is backing off many of his earlier demands which plays into the hands of Iran’s leadership.

Sen. John Kennedy (R-LA), one of President Joe Biden's fiercest Republican critics over inflation and gas prices, is refusing to account for his stunning reversal now that a Republican president's unpopular war in Iran is putting an even bigger squeeze on American consumers.

When pressed by MS NOW's Jack Fitzpatrick, the normally press-friendly Louisiana Republican walked away.

Americans wanting to dance the night away at a popular nightclub in Mexico City can expect to fork over $300 as a cover charge just to get past the doorman — and they can thank Donald Trump’s attacks on the southern neighbor of the US for the high price of admission, The Guardian reported.

The Mexico City hotspot is charging American visitors a steep $300 cover charge to enter — while citizens from other countries pay just $20 and Mexicans and Latin Americans pay $14 — in a pointed protest against Donald Trump's relentless attacks on America's southern neighbor.

The unrelenting flow of statements about the state of the war with Iran, with positions and plans changing from hour to hour depending on who is speaking, has the White House “flailing” to come up with a coherent message for a deeply skeptical US populace, according to analysts.

On Wednesday morning, Donald Trump was on Truth Social claiming the end of war is at hand, which Iran immediately disputed, less than 24 hours after Secretary of State Marco Rubio said the war is already over.

President Donald Trump suggested a possible deal might be on the table to end the war in Iran.

The 79-year-old president sent out a Truth Social post Wednesday morning following a flurry of developments this week, such as the start and quick end to Project Freedom, an effort to ensure safe passage for commercial ships through the Strait of Hormuz, and reports that the White House believes it's close to an agreement with Iran.

Former US Ambassador to Russia Michael McFaul admitted he was startled that Secretary of State Marco Rubio declared the war with Iran over at a time when hostilities continued and no agreement is in place in particular with regard to future nuclear capabilities.

Speaking with the hosts of “Morning Joe,” McFaul noted Rubio’s remark that “The Operation Epic Fury is concluded. We achieved the objectives of that operation. I'm not going to, you know - we're not cheering for an additional situation to occur. We would prefer the path of peace. What the president would prefer is a deal.”