US Oil Giants Reap $26.5 Billion Profits Amid Iran Tensions

ExxonMobil and Chevron reported massive profits in the second quarter, raking in $26.5 billion combined as tensions between the US and Iran disrupted oil shipments and pushed energy prices higher.

The conflict impeded petroleum shipments and consumers faced higher fuel costs, which lifted margins for American oil and gas giants like Exxon and Chevron.

Refining profits at both companies saw significant jumps, with Reuters reporting large increases as global supply disruptions drove up refining margins.

The numbers have given the story a sharper political edge, with lawmakers demanding answers from major oil companies over what they called windfall profits.