Oil Giants Reap Huge Profits as US-Iran Conflict Drives Energy Prices Higher

A prolonged conflict between the US and Iran has driven up energy prices globally, benefiting major oil companies like Exxon Mobil and Chevron.

According to recent earnings reports, Exxon Mobil doubled its second-quarter profits to $14.53 billion, a 105% increase from the same period last year.

Chevron nearly quadrupled its profits to $12.07 billion, up 385% from the previous quarter and 56% higher than the same time in 2025.

The higher prices for Brent crude oil, which reached $126 per barrel at one point, have allowed refineries to enjoy historically high 'crack spreads,' or profits made based on the difference between oil and product prices.