US oil industry earned over $130 billion in profit during Iran war: Report
A Reuters analysis says more than 50 U.S. oil and gas companies earned over $130 billion as fuel prices climbed worldwide.
- More than 50 large U.S. oil companies earned over $130 billion from April through September 2026, roughly 2.8 times more than the same period in 2025, as the Iran conflict disrupted global energy supplies.
- Hostilities in the Middle East and Russia damaged fuel-making plants, reducing global refining capacity; Exxon CEO Darren Woods said roughly half of Russia's refining capacity has been taken offline.
- On Friday, Exxon Mobil and Chevron reported third-quarter results buoyed by refining operations, with Exxon earning $15.4 billion and Chevron reporting $9.9 billion, nearly tripling prior-year profit.
- Senator Chris Van Hollen claimed Friday that President Donald Trump's 'buddies' in oil are profiting from the war, as Americans paid over $1,100 in extra fuel costs since the conflict began.
- Valero Energy Chief Financial Officer Homer Bhullar told analysts last week that the company will direct excess cash toward owners through dividends or buybacks rather than expanding production capacity.
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Trump’s Iran war brings on record oil company profits
The US oil industry has earned almost $130 billion in profits since the US and Israel began bombing Iran in February. The same companies, according to the New York Times, earned less than $47 billion over the same span of 2025, when oil was comparatively cheap. Shipping and insurance costs have spiked thanks to the […]
24/7 Wall St.
BizTocBig Oil’s Iran War Windfall Is Nearly 3 Times Last Year’s Profits
A war thousands of miles away quietly transformed six months of oil company earnings in ways that have left American families absorbing costs they may not fully see yet, and the next big shift could come the moment polls close on November 3.
In the eight months of the war with Iran, Americans spent almost $148 billion on petrol and diesel, or $1,130 per household.
'Trump's buddies in big oil' profited $130bn from Iran war, US senator says
'Trump's buddies in big oil' profited $130bn from Iran war, US senator says US Senator Chris Van Hollen has said that US President Donald Trump's "buddies" in oil business have made $130 billion in profit while American households have paid "over 1,100 in extra fuel costs". In a post on X, Hollen said “Since Trump started this illegal & senseless war in Iran, his buddies in Big Oil have made $130 BILLION in profit" and added that US oil compani…
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