$26.5 Billion Windfall for US Oil Giants Amid Iran War

The recent energy shock caused by the Iran war has led to a $26.5 billion windfall for major US oil companies, Exxon and Chevron.

The two companies together earned about $26.5 billion in net income in the second quarter as crude prices rose due to disruptions in production and shipping through the Strait of Hormuz.

Chevron reported a record $12.2 billion profit, while Exxon earned $14.5 billion, roughly double its year-earlier result and its strongest quarterly profit since the oil-price surge that followed Russia's invasion of Ukraine.

President Donald Trump is angry about the situation, arguing that if crude prices have fallen sharply from their wartime highs, gasoline prices should be falling much faster.