Exxonmobil and Chevron Post Record Quarterly Profits

Big Oil companies have posted record profits as the Strait of Hormuz remains closed, disrupting global energy flows and sending oil prices soaring for months. ExxonMobil reported second-quarter earnings of $14.5bn, its highest in four years, while Chevron posted $12bn, its best in six years. Shell more than doubled earnings to nearly $10bn, TotalEnergies saw a 67 percent rise, and BP reported $5.73bn, more than double last year.

Saudi Aramco's earnings jumped 44 percent to $32.69bn. Analysts note that producers unaffected by the Hormuz bottleneck benefited from higher prices, with Brent averaging $96.68 per barrel in the second half of 2026, up from $78.38 in Q1. US petrol prices have averaged above $4 per gallon, nearly 40 percent higher than pre-war levels. This meant that oil producers, especially those whose exports were not affected by the Hormuz traffic bottleneck, were able to benefit from higher oil prices and stronger demand from countries and refiners seeking alternatives to Middle Eastern crude, said one analyst.