US oil industry earned over $130 billion in profit during Iran war: Report
A Brown University analysis says Americans paid an extra $147 billion at the pump, while more than 50 oil companies posted soaring profits.
- 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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The Iran war generated significant profits for ExxonMobil and Chevron. As Americans struggled with fuel prices, Trump's investments in the oil sector came under scrutiny.
Trump's oil portfolio up 43% amid Big Oil windfall, pain at the pump
Major oil companies, including ExxonMobil, Chevron, and Shell, reported higher earnings in the third quarter. This comes as the conflict in Iran leads to increased fuel prices for American consumers. Trump's investments in oil and gas stocks have significantly appreciated during this time. More than 94% of his oil stock purchases occurred after the conflict began. Rising fuel prices serve as a crucial issue ahead of the upcoming midterm election…
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.
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