A shocking revelation has come to light amidst the increasing military tension between America and Iran and the prolonged blockage in the Strait of Hormuz. According to the latest reports of Financial Times and Reuters, the biggest beneficiaries of this entire war crisis have been America’s big oil companies (companies like ExxonMobil and Chevron), which have earned huge profits during the time of crisis. During this time, there has been a huge increase in the prices of gasoline, the fuel used by the general public in America, which has increased the additional financial burden on the citizens there. Taking this situation seriously, US President Donald Trump has started a major investigation against these companies amidst serious allegations of making profits by increasing prices. President Trump has warned in a clear tone that oil companies should stop looting the public under the guise of war and gasoline prices should be reduced immediately.
How did oil companies benefit during the war?
According to the Financial Times and Reuters, between April and June 2026, there was a sharp rise in crude oil prices due to the blockage in the Strait of Hormuz and tensions in West Asia. The average price of Brent crude was around $ 96.68 per barrel and in April it reached $ 109.27 per barrel. With oil becoming expensive, the earnings of big companies also increased rapidly. Analysts estimate that this is the strongest performance of oil companies in the second quarter after 2022.
How expensive did gasoline become during the war?
There was a sharp increase in gasoline prices during the war and Hormuz crisis in America. According to Patrick De Haan, head of petroleum analysis at GasBuddy, as of July 4, the national average price of gasoline in the US was $ 3.755 per gallon. This was about $0.81 less than the four-year high of $4.50 per gallon set in May, but still $0.65 per gallon more than the same period last year. Regarding this increased price, President Donald Trump targeted the oil companies and demanded to bring the price of gasoline to $2.25 to $2.50 per gallon. Companies say that the effect of cheap crude oil takes some time to reach the petrol pump.
Record profits of ExxonMobil and Chevron
According to LSEG analysts’ estimates, ExxonMobil’s adjusted net profit could reach around $15.7 to 15.9 billion. Chevron’s profit is estimated to be around 9.7 to 10 billion dollars. This is almost three times more than the first quarter of both the companies. ExxonMobil itself has indicated that higher oil prices and better refining margins could lead to an additional $5 billion in second-quarter earnings. The company will release its results on July 31.
Trump opened front when gasoline became expensive
As the earnings of oil companies increased, gasoline prices in America also remained high. President Donald Trump publicly demanded that gasoline prices be immediately reduced to about $2.25 to $2.50 per gallon. He says that the benefit of fall in crude oil prices should reach the common people. The Trump administration has also instructed the Justice Department to take action to investigate allegations of making unfair profits by increasing the prices of gasoline. Cooperation has also been sought from state agencies in this investigation.
What explanation did the companies give?
Oil companies and the American fuel industry say that it takes time between the price of crude oil falling and gasoline becoming cheaper at the petrol pump. According to him, the refineries themselves do not decide the final price of gasoline. Apart from crude oil, the price of fuel also includes refining, transportation, tax and other expenses. Chevron Chief Financial Officer Eimear Bonner said that as the market normalizes, gasoline prices will also decline. The industry also says that the current conditions are part of a cyclical market (which changes directly with the ups and downs of the economy).
Big oil companies are taking huge profits
The Financial Times reported in its report that the earnings of big oil companies may reach record levels in the second quarter. Reuters, based on LSEG analysts’ estimates and ExxonMobil’s regulatory filings, said that companies have directly benefited from higher oil prices and better refining margins. According to both reports, the biggest question now is whether the companies took advantage of the war and market instability to earn excessive profits. For this reason the Trump administration has started an investigation.
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