US oil giants rake in over $130bn profit during the Iran war while drivers pay $147bn extra at the pump

From the Newshound archive · first published 31 October 2026.

The top 50 US oil companies collectively earned nearly three times their 2025 profits — less than $47bn in the same April-to-September window last year — with ExxonMobil's refining arm posting a record $9.05bn in the third quarter alone. American households have absorbed over $1,100 each in extra fuel costs since Trump and Israel launched strikes on Iran on 28 February, with the average gallon now at $4.20 — the third straight month above that mark.

International oil prices have climbed nearly 60% since the war began, with Hormuz disruptions knocking roughly 10% of global fuel-making capacity offline.

ExxonMobil and Chevron combined for more than $25bn in earnings in just July and August, with both beating Wall Street forecasts.

Ukraine recently paused strikes on Russian oil refineries at Trump's behest after he blamed them for pushing pump prices higher.