Trump Slams Exxon and Chevron Over War Profits Amid Soaring Fuel Prices

US President Donald Trump has criticized Exxon Mobil and Chevron for their $26.5B (£19.7B) in war profits, claiming they should cut retail prices to reflect the cheaper crude oil costs that will follow the end of the Iran conflict.

The two oil giants reported massive earnings in Q2, with Chevron more than quintupling its 2023 figure and Exxon Mobil almost doubling from a year earlier. Despite this, both companies directed their funds towards debt repayment rather than share buybacks.

Trump's comments came as the US benchmark crude price fell 5.34% to $80.15 (£60) on Monday, driven by hopes for talks between Washington and Tehran. However, motorists are still facing high fuel prices, with a US gallon of petrol averaging around $4.10 (£3.05).

The president's comments were met with skepticism, as neither company has publicly responded to the criticism. The oil industry is not new to pressure from politicians, with previous administrations also calling out companies for 'gouging consumers'.