The excess profits generated by the war have once again made major oil companies a target of attack.

On June 29, 2026, U.S. President Donald Trump posted a final ultimatum on Truth Social, addressing all U.S. gas station retailers: reduce gasoline prices to approximately $2.50 per gallon—or face 'serious problems.' He warned of zero tolerance for so-called 'illegal price gouging' and escalated an action campaign ongoing for several weeks, aimed at forcing energy companies to pass wholesale price cuts on to consumers. At the time, international crude oil prices fluctuated between $60 and $68 per barrel—a relatively low level by recent historical standards. Trump’s argument was straightforward: if raw materials are cheap, then finished products should be too. This was not a one-off outburst. The June 29 appeal followed a similar statement issued by Trump on June 24; prior to that, on June 25, he had already released a statement directly accusing oil companies of exploiting consumers by failing to pass on reduced wholesale costs. In addition to fierce rhetoric, Trump’s June 29 post carried threats—at least implicit ones. He ordered the Department of Justice to investigate oil companies, specifically examining the gap between the fuel prices paid by retailers and those actually paid by consumers at gas stations. Moreover, California received special attention in this post. Trump pointed out that the state’s fuel tax policy imposed a heavy burden on drivers. As Trump intensified his focus on gasoline prices, major oil companies stood poised to record unprecedented profits. Soaring international oil prices inevitably generate substantial excess profits for oil-producing and exporting countries—and for oil companies—just as they have done throughout the 160-plus-year history of the global petroleum industry. Yet, at present, Trump and the U.S. government are grappling with persistently high domestic fuel prices—and highly profitable major oil companies have now squarely entered Trump’s crosshairs. Industry expert Tsvetana Paraskova detailed this situation in an article published on the website OilPrice.com on July 6, 2026. Paraskova noted that major oil companies are expected to report unexpectedly high second-quarter profits: ExxonMobil and Chevron’s earnings are projected to more than triple, driven by disruptions in the Strait of Hormuz that sent crude prices surging and boosted refining margins. Although industry insiders note that retail gasoline prices typically lag behind declines in crude prices, this profit surge is intensifying political pressure—prompting President Trump to demand gasoline prices fall to $2.25–$2.50 per gallon and to launch investigations into price manipulation. Oil companies counter that markets are cyclical, attributing the current gasoline price increases primarily to low fuel inventories, improved refining economics, and supply-chain delays—not profiteering. With the Strait of Hormuz closed, crude oil prices have surged to their highest level in four years, and oil majors are expecting unexpected gains in the second quarter. ExxonMobil and Chevron’s profits are projected to triple in the April–June quarter compared to the first quarter, as the most severe supply disruption in oil market history has impeded Middle Eastern oil exports, triggered a sharp rise in crude prices, heightened market volatility, and depleted oil inventories—including in the United States.

Earning $130 billion in six months amid the war, U.S. oil giants seized wartime opportunities to reap profits.

Qiu Lin Now that the Iran conflict has temporarily subsided, experts are reviewing the gains and losses incurred by all parties. The U.S. petroleum industry stood out conspicuously during the U.S.–Israel–Iran military confrontation. People naturally wonder: how much money have these oil giants made from the conflict this year? The answer has just been revealed: oil giants raked in $130 billion. This is a conservative estimate covering the six-month period from April to September 2026—whereas in the same period in 2025, the figure was less than $47 billion—nearly three times lower. A recent report by The New York Times confirmed these figures. According to the report, the Middle East war has filled U.S. oil companies’ coffers. As consumers paid significantly higher prices for gasoline, diesel, and other fuels, these companies amassed over $130 billion in profits—compared to less than $47 billion collectively in the same period of 2025. In fact, this $130-billion figure represents a conservative estimate, based on the operational performance of more than 50 large U.S. oil and natural gas companies over the April–September period—most of which are either oil producers or refiners. Analysts in public discourse suggest that the $130 billion in profits attributed to oil giants covers only the April–September window and excludes profits from March—the month the war broke out—and October. This massive profit surge is closely tied to energy price volatility triggered by geopolitical conflict. Specifically, both crude oil prices and refining margins rose sharply: following the outbreak of the U.S.–Israel–Iran military conflict on February 28, 2026, global oil supply tightened, pushing up crude prices. Simultaneously, constrained refining capacity widened the crack spread—the price differential between crude oil and refined products like gasoline and diesel—making refining the primary driver of profit growth. Moreover, such extraordinary profitability stemmed from surging global demand for oil and natural gas, coupled with increased output from U.S. oilfields. After hostilities erupted in the Middle East, the closure of the Strait of Hormuz disrupted oil transportation routes, further tightening an already undersupplied global market—and sending oil and natural gas prices to multi-year highs. International crude oil prices briefly breached $100 per barrel and even reached nearly $140 per barrel in early March. Global profitability for producing gasoline, diesel, and other fuels soared dramatically—opening vast profit opportunities for oil giants.

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