Iran War Disruptions Fuel Global Price Hike

Top US oil producers ExxonMobil and Chevron have warned that global fuel prices will remain high due to ongoing energy disruptions from the Iran war. In their latest earnings reports, both companies reported significant increases in refining profits during the second quarter.

ExxonMobil ran its US refineries at full capacity, achieving a record diesel production level, while Chevron saw record throughput at its US refineries of over 1 million barrels per day. However, despite these efforts to increase output, both CEOs emphasized that the global supply chain is still under pressure.

According to Chevron CEO Mike Wirth, demand for distillates like diesel and heating oil will continue to rise in the long term, putting upward pressure on product pricing into the third quarter and beyond. ExxonMobil's Darren Woods also stressed the importance of shipping resuming through the Strait of Hormuz to supply more crude to the market.