US crude prices fell below $80 for much of the day Monday as oil traders factored in a potential deal to reopen the Strait of Hormuz. But even as reports of imminent peace deals or attacks jolt oil markets, fuel prices at US gas stations have remained high. Late last week, US oil companies Exxon and Chevron reported their biggest profits in years.

On today’s Big Take podcast, oil reporter Mitchell Ferman joins host Sarah Holder to explain why oil companies are built for global conflict.

Read more:

We have a special Bloomberg subscription offer for podcast listeners at Bloomberg.com/podcastoffer.

Hosted by Sarah Holder; Produced by Laura Newcombe; Reported by Mitchell Ferman; Edited by Jeffrey Grocott. Fact-checking by Rachael Lewis-Krisky and Victor Swezey; Engineering by Emma Munger. Senior Producer: Naomi Shavin; Deputy Executive Producer: Julia Weaver. Executive Producer: Nicole Beemsterboer.

See omnystudio.com/listener for privacy information.

Big Oil’s Big Wartime Profits

Big Take

Big Oil’s Big Wartime Profits