Trump Takes Aim at Oil Majors' Profits Amid US-Iran Conflict

President Donald Trump expressed his discontent with ExxonMobil and Chevron's profits amid high oil prices, caused by the ongoing US-Iran conflict. During a press conference at the White House on Monday, Trump stated, 'I don't like' the two companies making 'too much money based on a shortage.'

ExxonMobil reported second-quarter profits of $14.5 billion, more than double their earnings from the same period last year. Chevron's profits also increased to $12 billion, up from $2.5 billion in the previous year.

The US and Israel launched strikes on Iran on February 28, leading to a 20% increase in US crude oil prices since then. The Strait of Hormuz, a key oil export route, has been threatened by Iranian actions, resulting in a significant supply disruption.