benefitting too greatly.

President Donald Trump expressed dissatisfaction on Monday, stating that ExxonMobil and Chevron profited excessively from the recent surge in crude oil prices attributed to the Iran war. At a White House press conference, Trump remarked, "They're making too much money based on a shortage," deeming it an issue. Earlier in the week, Exxon and Chevron disclosed substantial windfall profits for the second quarter.

Notably, Chevron's earnings surged by nearly 400%, reaching $12 billion, compared to $2.5 billion in the equivalent period last year. Exxon's profits more than doubled, amounting to $14.5 billion, up from $7.1 billion in the corresponding period of the previous year. Trump remarked, "Chevron, too much money. ExxonMobil, too much money," suggesting that these companies should return some of their profits to the public and reduce consumer prices.

CNBC has reached out to Exxon and Chevron for their response. U.S. crude oil prices have risen by approximately 20% since the U.S. and Israel launched attacks on Iran on February 28. Iran has retaliated by attempting to restrict oil exports through the Strait of Hormuz, leading to the most significant supply disruption in history.

U.S. oil futures averaged around $92 per barrel from April to June, a 27% increase compared to the first quarter. Gasoline prices nationwide averaged about $4.10 per gallon on Monday, nearly 40% higher than the $2.98 per gallon paid on February 27, before the war commenced, according to data from AAA. Following Trump's remarks, Chevron's shares declined by nearly 2%, while Exxon experienced a slight decrease in value.

The oil giants' stocks had already faced pressure on Monday due to crude prices falling by around 5% as hopes grew that U.S.-Iran negotiations could prevent further escalation.