Brent crude blasting past $120 on Iran ceasefire collapse should be a goldmine for oil majors. Instead: $XOM generated $332.2B revenue but only $28.8B net income, $CVX pulled $184.4B with just $12.3B profit, and $CVE's $35.9B revenue yielded only $2.8B. These margin collapses during peak geopolitical chaos expose operational dysfunction—the easy money trade this isn't.

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