Saudi Aramco profits soar in second quarter as Iran war squeezes oil

US President Donald Trump criticized Chevron and Exxon on Monday for their substantial profits during the Iran war, claiming that the companies were benefiting from the shortage of oil caused by the conflict. Trump made the remarks at a press conference at the White House, where he stated that the two oil giants had reported earnings of $12 billion and $14.5 billion, respectively, in the second quarter.

He expressed his dissatisfaction with their financial gains, remarking, "Chevron, too much money. ExxonMobil too much, too much money." Trump, known for his advocacy of free enterprise, found it surprising that he had to criticize private companies in this manner. The US has contributed to alleviating the supply disruptions by releasing strategic oil reserves, but crude oil prices have still risen by around 20% since the US and Israel launched strikes against Iran on February 28.

This has resulted in US crude oil prices closing the Strait of Hormuz and blocking Iranian ports. Americans are increasingly concerned about the impact of rising petrol costs on their wallets, with 54% of voters attributing the increase to Trump, according to a Quinnipiac University poll. The economy's state also weighs heavily on voters, with 59% of respondents believing it is deteriorating.