Trump Slams Oil Companies Over 'Excessive' Profits from Iran War
US President Donald Trump has criticized major oil companies for profiteering from the market disruptions caused by the US-Israeli war on Iran. Trump argued that companies such as ExxonMobil and Chevron are making too much money due to supply concerns triggered by the conflict.
The global oil prices surged after the outbreak of the war, with Brent crude climbing from around $70 per barrel before the first US-Israeli strikes at the end of February to a peak of $126 by the end of April. The surge in oil prices contributed to significant earnings growth for major energy companies, with ExxonMobil and Chevron recording combined profits of more than $26 billion in the three months ending in June.
Trump specifically pointed out that Chevron's quarterly profit had increased fivefold to $12.2 billion, while ExxonMobil reported second-quarter earnings of $14.5 billion - more than double its profit from a year earlier and its strongest quarterly performance since Russia's invasion of Ukraine in 2022.
BP also announced that its quarterly profit had doubled to $5.7 billion, as the company benefited from volatility in global energy markets. Environmental groups have criticized the earnings of major oil companies, describing the profits as excessive amid rising energy costs and concerns over climate impacts.