Exxon Mobil and Chevron posted combined Q2 earnings of $26.5bn, a windfall fueled by soaring crude and petrol prices after Trump’s Iran‑related tensions. Chevron earned $12.2bn—a five‑fold jump on last year’s figure—while Exxon Mobil logged $14.5bn, its best quarterly profit since the 2022 Russian invasion. Both firms boosted production to near‑record levels and ran refineries close to capacity to meet demand from customers affected by the Middle East conflict. The US President has called the industry’s gains “price gouging” and threatened further intervention, citing possible price hikes if the Strait of Hormuz remains closed.

Chief financial officers Neil Hansen (Exxon) and Eimear Bonner (Chevron) warned that supply disruptions and shrinking refining capacity couldID keep pump prices elevated, while Trump’s recent call for a DOJ probe signals a willingness to act if prices rise further. Analysts say any continued spike could prompt Trump to target the oil sector again, though the administration denies plans for an export ban.