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

A conflict between the U.S. and Iran has led to a surge in energy prices, benefiting American oil companies like Exxon Mobil and Chevron.

The Strait of Hormuz, a key shipping route for petroleum, was largely closed due to the fighting, causing Brent crude prices to soar from about $70 to over $100 per barrel in March, April, and May.

Exxon Mobil's second-quarter profits doubled to $14.53 billion, up 105% from the same period last year, while Chevron nearly quadrupled its profits to $12.07 billion, a 385% increase.

Global Witness estimates that six of Europe's largest oil companies reported first-quarter profits totaling $22 billion, a 43% increase over the same period in 2025.