Iran War Spurs Gas Price Surge as Oil Giants Reap Huge Profits

The war in Iran has led to higher gas prices across the United States. Chevron and ExxonMobil have reported significant profit increases, with over $26 billion in collective second-quarter profits this year.

Chevron's profits have more than quintupled from last year, while ExxonMobil's have doubled during the same period. The American Automobile Association (AAA) reports that the national average per gallon of regular gas is $1 higher than it was at this time last year.

The Strait of Hormuz, a vital waterway for oil and natural gas transportation, has been affected by the war. Although the U.S. does not heavily rely on oil from this region, a drop in global supply causes prices to rise everywhere.