US-Iran Conflict Boosts Oil Profits to Record Highs

Major oil companies such as Exxon Mobil and Chevron have reaped massive profits due to the ongoing conflict between the US and Iran, which has driven up energy prices. The war has halted most shipping through the Strait of Hormuz, a narrow waterway that previously served as a delivery route for a fifth of the world's oil and natural gas.

With global supplies constrained, prices for Brent crude soared from about $70 to above $100 a barrel for much of March, April, and May. Exxon Mobil reported doubling its second-quarter profits to $14.53 billion, up 105% from the same time last year. Chevron nearly quadrupled its profits to $12.07 billion, up 385% from the same quarter last year.

Patrick Galey, fossil fuels lead at Global Witness, stated, 'There are constituencies around the world who are having a very good crisis, and the oil producers are one of them.' Democrats in Congress introduced bills to tax major oil producers for profits they show from 2026 onward and redistribute the tax proceeds to consumers.