TotalEnergies is reported to have made more than $1bn (€868m) in profit after buying up oil cargoes across the Middle East as the Iran conflict choked shipping through the Strait of Hormuz, according to the Financial Times.
The French oil giant's traders purchased around 70 cargoes of crude produced in the United Arab Emirates and Oman available to load in May — more than double its purchases in February — according to a person close to the company cited by the FT.
