Big Oil Iran
FILE - A person secures the fuel nozzel while filling up their tank at a gas station on Tuesday, May 12, 2026, in Portland, Ore.
As featured on
Major oil companies reported massive profits while fighting between Iran and the U.S. impeded petroleum shipments. Prices for Brent crude soared above $100 a barrel for much of the spring. Constrained supplies meant consumers around the world paid more for fuel and confronted shortages. But higher prices resulted in elevated profits for some of the biggest publicly traded oil companies. American oil and gas giants Exxon Mobil and Chevron both more than doubled their profits in the second quarter. They are positioned to benefit because they own refineries and extract oil and gas. Democrats in Congress have proposed taxing oil producers for war-related windfalls.
Get up-to-the-minute news sent straight to your device.