Oil Giants Profit as Global Energy Crisis Deepens
The ongoing US-Iran war has caused significant disruptions in global energy supplies, leading to higher prices for fuel. However, major oil companies such as Exxon and Chevron are profiting from this crisis, with record profits and revenue growth.
Exxon's second-quarter profit doubled to $14.53 billion, while its revenue rose 42% to $116.02 billion. Chevron's profit nearly quadrupled to $12.07 billion, with a 56% increase in revenue to $70.06 billion.
The war has blocked oil shipments through the Strait of Hormuz, cutting global supplies and driving up energy prices. Brent crude rose from around $70 a barrel to over $100 during March, April, and May, briefly reaching $126 a barrel.
US refineries are benefiting from the crisis, producing diesel and jet fuel at high profits due to increased demand. Companies such as Exxon and Chevron own refineries, which have seen significant jumps in profits, with Chevron's refining profit becoming six times larger in 2026 despite processing less crude and selling fewer products.