Oil Giants Reap Billions as Americans Suffer Under Iran War-Driven Gas Prices

US oil giants ExxonMobil and Chevron posted combined profits of $26.5 billion in the second quarter of 2026, as high gas prices caused by the Iran war took a toll on American consumers.

The companies' earnings came despite widespread concern about an affordability crisis in the US, with a recent survey finding that 95% of Americans believe they are facing difficulties paying for essential goods and services, including groceries and gasoline.

ExxonMobil announced profits of $14.5 billion, while Chevron reported its highest quarterly profit in six years at $12 billion.

The figures mirror those of European oil majors TotalEnergies and Shell, which also posted significant second-quarter profits due to higher oil prices.