Business
Oil majors post blockbuster profits as Middle East conflict drives up prices
October 30, 2026 at 01:01 PM
The US-Iran war has driven fuel prices to record highs, producing surging third-quarter profits for ExxonMobil, Chevron, BP and Shell.
- ExxonMobil reported $15.4 billion in third-quarter profit, roughly double a year earlier, while Chevron's adjusted earnings rose 186% to $10.4 billion.
- BP and Shell reported third-quarter profits of $8.46 billion and $12 billion respectively, both sharply up on the year.
- Trump said high oil industry profits are good for Americans, declaring the US is "making a freaking fortune" from the conflict.
- Gasoline averaged $4.12 a gallon in the US in the third quarter, the highest on record, according to AAA.
Market angle
- Higher oil prices raise the selling prices of refined oil products. — may benefit: Energy & support services
Not investment advice.