Major Oil Companies Report Significant Profits Amidst US-Iran Conflict and High Energy Prices

American oil and gas giants, including Exxon Mobil and Chevron, have reported substantial profits for the spring quarter of 2026. This surge in earnings is attributed to the ongoing conflict between Iran and the U.S., which has disrupted petroleum shipments through the Strait of Hormuz, leading to higher global energy prices and fuel shortages. Chevron's quarterly refinery profit, for instance, was six times larger in 2026 despite processing less crude.