Oil Giants Cash In on Iran War-Driven Price Surge

Oil giants ExxonMobil and Chevron reported massive profits in their second-quarter earnings due to rising oil prices caused by the ongoing Iran war. Chevron's net income skyrocketed to $12 billion, a nearly 400% increase from $2.5 billion in the same period last year. Adjusted earnings came in at $6.06 per share, exceeding Wall Street's estimates by 50 cents.

Chevron CEO Mike Wirth attributed the surge in profits to the expanded threat to oil supplies in the Middle East and falling global inventories. The conflict has also led to an increase in exports from Chevron's U.S. production facilities, which hit an all-time high of about 2 million barrels per day.

ExxonMobil reported profits of $14.5 billion, more than doubling from $7.1 billion in the same quarter last year. However, adjusted earnings missed analyst estimates by 8 cents due to difficulties in forecasting prices caused by disruptions in global crude and products markets.