Oil Giants Cash In On War-Driven Profits Amid Soaring Gas Prices

A recent analysis by Reuters reveals that major oil companies have seen significant profits due to the ongoing war in Iran. ExxonMobil reported a quarterly profit of $14.7 billion, a 67% increase from Q1 2026 and more than double its Q2 2025 profits.

Chevron also had its most profitable quarter in six years with earnings of $12 billion, roughly quadruple its Q2 2025 profits.

Other oil companies such as Shell and TotalEnergies have also seen substantial gains. In fact, Europe's six largest oil companies reported combined profits of more than $22 billion in Q2, while the U.S.'s top two oil companies reported a combined profit of almost $27 billion.

The war has resulted in significant costs for American drivers, with higher gas and diesel prices pushing inflation to its highest level in three years. The Center for American Progress estimates that Republicans have cost the U.S. about $150 billion since the war began.