US Oil Giants Reap War Windfall Amid Gas Price Crisis

US oil giants ExxonMobil and Chevron are expected to report massive profits on Friday due to the disruption in global oil supplies caused by the US-Iran conflict. The war has led to a virtual closure of the Strait of Hormuz, through which about one-fifth of the world's crude oil passes each day.

The second-quarter earnings reports from ExxonMobil and Chevron reflect the impact on the industry's bottom line, with profits projected to increase significantly. ExxonMobil is expected to report $14.9 billion in quarterly profits, more than double the profit of the year-ago period, while Chevron is forecast to report profits of $11.1 billion, more than four times the 2025 level.

However, huge oil industry profit increases often generate political blowback, and this time it's no exception. President Donald Trump has lashed out over gasoline prices, announcing in June that he was directing the Department of Justice to investigate any 'gouging' perpetrated by the industry.