Oil Giants Q2 Profits Surge 300% to $29B Amid Iran Conflict

ExxonMobil and Chevron posted $29B in Q2 earnings, tripling YoY. Trump demands profit returns and price cuts as US gas hits $4.10/gal.

Woofun AI reports that President Trump criticized ExxonMobil and Chevron for excessive profits during the Iran conflict, urging them to return funds to the public and lower gasoline prices. The two firms collectively earned $29 billion in the second quarter, averaging $318 million daily, which is more than three times the prior year's figure. This surge stems from rising refining margins driven by Strait of Hormuz tensions, pushing average US gasoline prices to $4.10 per gallon, a 30% increase from earlier this year.

Trump stated that while he supports free enterprise, profit levels twelve times higher than the previous year warrant public restitution. He called for proactive consumer cost reductions once energy prices stabilize post-conflict. Following the remarks, Chevron shares dropped 2% and ExxonMobil fell 0.6% on Monday. Analysts noted that US strategic reserves are at their lowest since the early 1980s, limiting immediate tools to curb prices until supply routes reopen.