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Trump Slams Oil Companies' 'Excessive Profits' Amid Iran War

Guavy AI Editorial Team
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CVX
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US President Donald Trump has criticized oil companies for profiteering from the global energy market disruption caused by his war on Iran.

Brent crude prices soared to $126 a barrel in April, up from $70 before the US-Israeli strikes at the end of February. The current price is around $85 a barrel.

Trump targeted ExxonMobil and Chevron's windfall profits, which exceeded $26bn for the three months ending June. These profits are five times higher than what Chevron made in the same period last year.

The US President stated that oil companies will 'give some of that back to the public' and reduce prices at the pump. Trump also mentioned that the fall in oil prices during peace talks with Iran should have caused petrol prices to drop to $2.25 a gallon, but currently average around $4.11.

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