Why are Exxon and Chevron warning of continued high fuel prices in the second half of the year?

ExxonMobil and Chevron warn that global supplies of diesel and other refined products will likely remain tight due to ongoing energy disruptions from the Iran war, leading to persistently high fuel prices into the third quarter and possibly beyond.

What did Exxon and Chevron report about their second-quarter refining performance and what challenges do they anticipate in the third quarter?

Both companies reported large jumps in second-quarter refining profits driven by declining fuel stockpiles, curtailed exports from China, and Russian refinery outages; Exxon achieved a record second-quarter diesel production and ran U.S. refineries at high capacity, while Chevron reported record U.S. refinery throughput exceeding 1 million barrels per day, though both anticipate third-quarter downstream earnings pressure—Chevron expects $175–$225 million in earnings impact from planned maintenance downtime, while Exxon expects lower scheduled maintenance than in the prior quarter.

Exxon, Chevron warn of continued high fuel prices from Iran war

Jul 31, 2026

ExxonMobil and Chevron warned that Iran-related disruptions will sustain tight fuel supplies and high prices globally. Executives noted record Q2 refining profits but cautioned that current output levels are unsustainable without resumed shipping through the Strait of Hormuz.

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