Trump Accuses Oil Firms of Profiteering From Iran War Turmoil

Donald Trump has accused oil companies of profiteering from the energy market turmoil caused by his war on Iran, singling out ExxonMobil and Chevron for windfall earnings. "They're making too much money based on a shortage, he told reporters at the White House on Monday evening. "I don't like it.

Brent crude traded near $70 a barrel before the first US-Israeli strikes in late February, spiked to $126 by late April, and now sits around $85. Chevron posted a record quarterly profit of $12.2bn, a fivefold jump year-on-year, while ExxonMobil earned $14.5bn in the second quarter, its best since Russia's 2022 invasion of Ukraine. Combined, the two firms took in over $26bn for the three months to June. Trump demanded they "give some of that back to the public" and cut retail prices.

His remarks came hours before BP reported its profits doubled to $5.7bn. BP chief executive Meg O'Neill told CNBC she understood household pressures but noted the firm sells a global commodity. Climate campaigners condemned the earnings as "obscene, with 350.org's Clémence Dubois saying, "These profits feel almost criminal.