Oil Companies Cash In on Iran War Profits Amid Rising Petrol Prices

The ongoing war on Iran has caused significant disruptions to global energy flows through the Strait of Hormuz, leading to record profits for oil companies like ExxonMobil, Chevron, Shell, and BP. Despite being far from the conflict zone, these companies have benefited greatly from higher oil prices and stronger refining margins.

According to data, ExxonMobil reported second-quarter earnings of $14.5bn, its highest quarterly profit in four years, while Chevron's earnings reached $12bn, beating analysts' estimates. Shell more than doubled its second-quarter earnings to nearly $10bn, and TotalEnergies saw a 67% increase in earnings.

The surge in profits is due to the average global benchmark price for crude oil, which stood at $96.68 per barrel in the second half of 2026, significantly higher than previous quarters. Muyu Xu, a senior crude oil analyst at Kpler, attributed this to oil producers benefiting from higher prices and stronger demand from countries seeking alternatives to Middle Eastern crude.

However, not everyone is pleased with these record profits. US President Donald Trump reacted furiously at the White House, stating that companies like ExxonMobil and Chevron are 'making too much money based on a shortage.' He urged them to cut retail prices for consumers.