Oil Contractors Face Profit Hits From Mideast War Fallout

The fortunes of the world’s largest oil contractors are dimming as fallout from the Iran war clouds prospects for a Mideast drilling and fracking boom.

Analysts have been cutting per-share profit forecasts for the three largest oilfield-service companies since shortly after the conflict erupted in late February. When management teams begin presenting quarterly results this week, investors will be listening for details on the war’s impact on things like rig activity and crew disruptions, according to RBC Capital Markets analyst Keith Mackey.