Trump Slams Oil Companies for 'Making Too Much Money' from Iran War

President Donald Trump has targeted oil companies for profiteering from the global energy disruption caused by his administration's actions against Iran.

Brent crude prices skyrocketed to as high as $126 per barrel in April, after trading at around $70 before the US-Israeli strikes on February 26. Since then, it has stabilized slightly and is currently trading at about $85 a barrel.

Trump criticized ExxonMobil and Chevron for reporting their highest-ever quarterly profits of $14.5 billion and $12.2 billion respectively. The president claimed that oil companies are 'making too much money' from the shortage and should give some of it back to the public, with prices at the pump expected to drop.

However, BP CEO Meg O'Neill countered that oil companies produce a global commodity, and their product's price is directly linked to the global market. Climate activists have also attacked big oil's bumper quarterly earnings as 'obscene,' with some calling for an export ban on oil or petroleum products.