America's largest oil companies reported a blockbuster quarter after the Iran war caused a historic dislocation in global markets that sent energy prices soaring during the Strait of Hormuz's prolonged closure.

At Exxon Mobil, profits more than doubled from a year earlier to $14.5 billion, their highest level since 2022. The company said high oil-and-gas production and its nearly two dozen refineries from Texas to Singapore pushed earnings to the highest since the peak of the energy crisis sparked by Russia's invasion of Ukraine.

Chevron reported earnings of $12.1 billion that rose nearly fivefold from the same period last year, driven by record oil-and-gas production and refining throughput, marking its highest quarterly earnings on record.