Surging oil prices tied to the Iran conflict are delivering a mixed picture for major energy companies, with higher crude prices failing to fully offset operational disruptions, Bloomberg writes.  ExxonMobil and Chevron saw global production drop about 6% in the first quarter, while Shell’s gas output also declined as shipping routes through the Strait of Hormuz were effectively shut down. At the same time, rapid price spikes triggered billions in accounting losses tied to hedging positions, prompting analysts to lower earnings forecasts. Damage to key infrastructure in the region and ongoing trade bottlenecks have further complicated operations, highlighting the industry’s vulnerability to geopolitical shocks. While elevated oil prices could support profits over time, the near-term outlook remains volatile. Analysts warn that continued instability in the Middle East could deepen supply disruptions and make it increasingly difficult for companies—and investors—to predict performance in the months ahead. Bloomberg has the full story. A subscription may be required. ...read more read less