Trump says Exxon and Chevron made 'too much money' off high oil prices during Iran conflict: 'I don't like it'

President Donald Trump criticised ExxonMobil and Chevron for their soaring profits, citing the impact of the war in Iran on oil prices. According to CNBC World, Trump expressed his disapproval, stating that the companies were making "too much money" based on a shortage. He told reporters at the White House that he didn't like it and suggested that they should give some of that money back to the public and cut the retail price.

The criticism came after both companies reported significant profits for the second quarter. Chevron's earnings surged nearly 400% to $12 billion, compared to $2.5 billion in the same period last year, while Exxon's profits more than doubled to $14.5 billion, compared to $7.1 billion in the year-ago period. Trump's comments led to a decline in the companies' stock prices, with Chevron's shares down more than 2% and Exxon trading about 1% lower.

The war in Iran, which the US and Israel launched on February 28, has led to a significant increase in oil prices. According to CNBC, US crude oil prices have gained about 20% since the attack, with an average closing price of around $92 from April through June, about 27% higher than the first quarter. Tehran has retaliated by trying to choke oil exports through the Strait of Hormuz, triggering a major supply disruption.

Brief written by urgent.news from Financial Post, CNBC World, CNBC — 3 reports on this story. Machine-written — may contain errors; check the original before relying on it.