Oil Giants Under Fire: Trump Accuses Companies of Profiting from Iran War

US President Donald Trump has sharply criticized oil companies for "making too much money" from the global energy market disruption caused by his war on Iran. Targeting major energy giants such as ExxonMobil and Chevron, Trump stated that these companies should "give some of that back to the public" and lower retail prices.

President Trump's remarks followed the announcement of record second-quarter earnings by major US oil companies last week. ExxonMobil reported a $14.5 billion profit in Q2 2026, doubling its earnings from the previous year and marking its highest quarterly profit since Russia's 2022 invasion of Ukraine. Chevron also announced a record profit of $12.2 billion for the same period, a fivefold increase year-on-year. The combined profits of these two companies exceeded $26 billion for the three months ending June.

European and Middle Eastern energy giants similarly reported substantial profits. BP's profits more than doubled in the last quarter to $5.7 billion, while Shell's net profit surged to nearly $10 billion. Saudi Arabian oil company Aramco also saw a 44% rise in net profits, reaching $32.69 billion. Brent crude oil, which was trading around $70 a barrel before the initial US-Israeli strikes against Iran at the end of February, soared to as high as $126 by the end of April, and is currently trading around $85 a barrel. US crude oil prices have also risen by approximately 20% since the February 28 strikes.

This situation has led to significant disruptions in global energy markets and placed considerable pressure on consumers through rising gasoline prices. Average gasoline prices in the US have increased by more than 37% since the war began. Iran's virtual shutdown of the Strait of Hormuz, a key waterway for oil and gas shipments, and an American blockade of Iranian ports, exacerbated supply shortages and contributed to price hikes. With fuel rationing in some countries, the US administration also tapped into strategic petroleum reserves to stabilize the market.

President Trump's criticisms come at a time when he faces political vulnerability due to rising inflation and high gasoline prices ahead of the November midterm elections. US Democrats have called for a "windfall profits tax" targeting the substantial earnings of oil companies, while the Trump administration has directed the Justice Department to investigate potential price gouging in the retail energy sector. Oil companies, however, argue that they produce a global commodity, and prices are dictated by global commodity market dynamics.

Market analysts anticipate a further decline in Brent crude oil prices in the coming period. J.P. Morgan Global Research forecasts Brent crude to average $86 per barrel in the third quarter of 2026, $80 in the fourth quarter, and $78 by year-end. The U.S. Energy Information Administration (EIA) projects Brent prices to average $74 in Q3 2026 and $65 in 2027. A US-Iran peace deal reached in July and OPEC's decisions to increase output have contributed to improving oil flows through the Strait of Hormuz, aiding the recent price decline.