US Oil Giants Report Profit Surge Again On Iran War

MENAFN- Gulf Times) US oil giants reported on Friday another quarter of soaring profits reflecting higher oil prices and refining margins due to the US-Iran war.

ExxonMobil's profits in the period came in at $15.4bn, slightly more than double the $7.5bn in the year-ago period, while Chevron's profits were $9.9bn, compared with $3.5bn in the year-ago quarter.

The surge in US petroleum earnings comes on the heels of similar increases at European companies as the US-Iran war drags on. The impacts have been most dramatic in refining, where the profit margins for processing crude oil into gasoline, diesel and other petroleum products have exploded in recent months.

Steep price increases and supply shortfalls in some cases have sparked protests in parts of Asia, Latin America and Europe. In the United States, President Donald Trump's Republican party faces a stern test in next week's midterm elections, with high gasoline and diesel prices souring the mood of consumers.

At ExxonMobil, oil prices averaged around $85 per barrel during the period, about a third more than in the 2025 quarter.

Refining margins were $50.3 per barrel, almost th...