Trump’s Iran War Brings On Record Oil Company Profits
The US oil industry has earned almost $130 billion in profits since the US and Israel began bombing Iran in February. The same companies, according to the New York Times, earned less than $47 billion over the same span of 2025, when oil was comparatively cheap. Shipping and insurance costs have spiked thanks to the […]
Since the United States and Israel commenced airstrikes on Iran in February, the US oil industry has amassed nearly $130 billion in profits. Quarterly earnings reports disclosed that ExxonMobil and Chevron, the two largest fossil fuel corporations in the nation, experienced significant profit surges. ExxonMobil's profits doubled compared to the same period last year, while Chevron's profits soared by 180 percent. BP, another major oil company, reported its profits reaching an 18-year high.
The sharp increase in oil prices can be attributed to shipping and insurance costs on the rise due to the ongoing war. As a result, oil companies have managed to hike their prices. President Donald Trump's personal wealth in oil and gas stocks has grown by up to $35.8 million this year, as reported by congressional Democrats. However, it is the American consumers who are bearing the brunt of the situation.
The median US household has spent $856 more at the gas pump than they would have otherwise due to the war that began in February.
The national average price of gasoline during the third quarter of 2026 reached a record high of $4.12 a gallon, a 96-cent increase from the previous year and the highest quarterly price ever recorded. Despite these soaring prices, Trump has maintained a positive outlook, asserting that the United States is the world's largest oil producer and is reaping substantial profits from the situation in the Middle East.
He reiterated this sentiment at a campaign event in Georgia on October 24, where he declared, "I don't give a damn, I'm going to say it—we're making a freaking fortune."
Written by urgent.news from Mother Jones's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
