Oil Firms Set to Profit Amid Us-iran Tensions and Price Fluctuations

WHO:

ABC News - Analysts expect major oil companies to report large profits.

ABC News - American oil and gas giants Exxon Mobil and Chevron are set to announce their second-quarter earnings.

ABC News - Sen. Sheldon Whitehouse, a Rhode Island Democrat, introduced a Senate bill regarding oil profits.

ABC News - U.S. Rep. Ro Khanna of California introduced a companion bill to Whitehouse's legislation.

ABC News - Patrick Galey is the fossil fuels lead at Global Witness.

CNBC - President Trump expressed support for adding tariffs on Iran.

WHAT:

The Washington Post - ExxonMobil and Chevron reported a combined $26.5 billion in profits during the second quarter of the year.

Fast Company - Exxon Mobil reported second-quarter profits of $14.53 billion, up 105% from the same time a year ago, with revenue of $116.02 billion, up 42% from the previous year.

Fast Company - Chevron nearly quadrupled its profits to $12.07 billion, up 385% from the same quarter last year, and reported $70.06 billion in revenue, up 56% from the previous year.

ABC News - The average price for a gallon of regular gasoline reached $4.11, which is about $1 more than the cost of a gallon at this point last year.

Oilprice.com - Chevron reported record net income of $12.2 billion, nearly five times its year-ago profit, while Exxon earned $14.5 billion, double what it made during the same quarter last year.

Oilprice.com - Chevron’s refining profit jumped to $4.9 billion from $737 million a year earlier, while Exxon’s refining business earned $5.5 billion after losing $1.3 billion in the first quarter.

Fast Company - Exxon Mobil reported second-quarter profits of $14.53 billion, up 105% from the same time a year ago, with revenue of $116.02 billion, up 42% from the previous year.

Fast Company - Chevron nearly quadrupled its profits to $12.07 billion, up 385% from the same quarter last year, and reported $70.06 billion in revenue, up 56% from the previous year.

The Washington Post - ExxonMobil and Chevron reported a combined $26.5 billion in profits during the second quarter of the year.

ABC News - The average price for a gallon of regular gasoline reached $4.10 this week, which is about $1 more than the cost of a gallon at this point last year.

ABC News - In late July, refineries planning to buy a barrel of oil for about $80 were looking at potential profits of $50-$60, compared to an average range of $20-$25.

CNBC - West Texas Intermediate futures for September delivery were last seen almost 0.1% higher at $83.68, while Brent crude futures rose 0.35% to $89.34 a barrel.

CNBC - The Commonwealth Bank of Australia estimates that traffic through the Strait of Hormuz has recovered to roughly 30%-35% of pre-war levels.

CNBC - A rebound to around 50%-60% of normal flows through the Strait of Hormuz could be enough to reassert oversupply conditions in the global oil market.

ABC News - The average price for a gallon of regular gasoline reached $4.10, which is about $1 more than the cost of a gallon at this point last year.

ABC News - In late July, refineries planning to buy a barrel of oil for about $80 were looking at potential profits of $50-$60, compared to an average range of $20-$25.

CNBC - West Texas Intermediate futures for September delivery were last seen at $83.68, while Brent crude futures rose to $89.34 a barrel.

CNBC - The U.S. imported $1.4 million in goods from Iran in 2025, with works of art, collectors pieces, and antiques making up 55% of the value.

ABC News - In late July, refineries planning to buy a barrel of oil for about $80 were looking at potential profits of $50-$60, compared to an average range of $20-$25.

CNBC - The Commonwealth Bank of Australia estimates that traffic through the Strait of Hormuz has recovered to roughly 30%-35% of pre-war levels.

CNBC - The bank noted that a rebound to around 50%-60% of normal flows could be enough to reassert oversupply conditions in the global oil market.

CNBC - President Trump stated, "I'd like to see tariffs on Iran. It would make it much stronger," regarding a bipartisan sanctions bill targeting Tehran and Russia.

ABC News - Major oil companies are expected to report large spring profits due to the U.S.-Iran conflict.

ABC News - Prices for Brent crude soared from about $70 to above $100 a barrel, reaching $126 at one point.

ABC News - Six of Europe's largest oil companies posted first-quarter profits of $22 billion, a 43% increase from the previous year.

ABC News - The average price for a gallon of regular gasoline reached $4.10, about $1 more than the previous year.

ABC News - Refineries were looking at potential profits of $50-$60 per barrel of oil, compared to an average range of $20-$25.

CNBC - West Texas Intermediate futures for September delivery were last seen at $83.68, while Brent crude futures rose to $89.34 a barrel.

CNBC - The U.S. imported $1.4 million in goods from Iran in 2025.

WHERE:

ABC News - The Strait of Hormuz is a key shipping route for oil and natural gas.

ABC News - Fuel rationing occurred in Australia, and government office closures were reported in Nepal and Sri Lanka.

CNBC - The U.S. is considering tariffs on goods imported from Iran.

WHEN:

ABC News - The conflict between the U.S. and Iran has been ongoing for six months.

ABC News - Exxon and Chevron are set to announce their second-quarter earnings on an upcoming Friday.

ABC News - The proposed windfall profits tax would apply to profits from 2026 onward.

ABC News - The average price for gasoline was below $3 before the U.S. and Israel launched attacks on Iran.

WHY:

Oilprice.com - The Iran war sent crude prices sky high after Gulf production fell and tanker traffic through the Strait of Hormuz collapsed.

ABC News - The conflict has impeded petroleum shipments, leading to higher fuel prices and shortages, with some countries experiencing sporadic fuel rationing.

ABC News - The U.S.-Iran conflict has impeded petroleum shipments, leading to higher fuel prices and shortages.

ABC News - Democrats in Congress introduced bills to tax major oil producers to redistribute profits to consumers.

CNBC - President Trump believes tariffs on Iran would strengthen economic sanctions.

HOW:

Oilprice.com - Chevron's global production reached 4 million barrels of oil equivalent per day, while U.S. output hit a record 2 million barrels per day. Exxon produced 4.5 million barrels per day, with Permian output also reaching a record.

Fast Company - In late July, refineries planning to buy a barrel of oil for about $80 were looking at potential profits of $50-$60, compared to an average range of $20-$25.

Bloomberg Markets - The Strategic Petroleum Reserve may not be tapped to ease prices in the current phase of the Hormuz crisis.

ABC News - Refineries are enjoying historically high "crack spreads," indicating high profits from refining oil into fuel products.

ABC News - The price of American oil is driven by supply and demand, influenced by traders and refiners.

ABC News - Refineries are enjoying historically high "crack spreads," indicating high profits from refining oil into fuel products.

(UPDATED August 1, 2026 05:56 UTC)

ExxonMobil and Chevron have reported impressive second-quarter profits, with a combined total of $26.5 billion, driven by significant increases in crude prices due to the ongoing Iran war and disruptions in Gulf production. ExxonMobil's profits soared to $14.53 billion, up 105% from last year, while Chevron nearly quadrupled its profits to $12.07 billion, marking a staggering 385% increase. Additionally, Chevron's global production reached 4 million barrels of oil equivalent per day, and Exxon produced 4.5 million barrels per day, contributing to their strong financial performance amid rising gasoline prices, which have now averaged $4.11 per gallon.

(UPDATED July 31, 2026 18:23 UTC)

Exxon Mobil has reported second-quarter profits of $14.53 billion, marking a remarkable increase of 105% from the same time last year, with revenue reaching $116.02 billion, up 42%. Meanwhile, Chevron nearly quadrupled its profits to $12.07 billion, a staggering rise of 385% from the same quarter last year, alongside revenue of $70.06 billion, which is up 56%. In late July, refineries eyeing a barrel of oil priced around $80 were anticipating potential profits of $50 to $60, significantly higher than the average range of $20 to $25.

(UPDATED July 31, 2026 16:29 UTC)

ExxonMobil and Chevron have announced a staggering combined profit of $26.5 billion for the second quarter of the year, according to The Washington Post. Meanwhile, Bloomberg Markets reports that the Strategic Petroleum Reserve may not be utilized to alleviate prices amid the ongoing Hormuz crisis. This situation continues to unfold as energy markets react to these developments.

(UPDATED July 31, 2026 15:40 UTC)

The average price for a gallon of regular gasoline has climbed to $4.10 this week, which is about a dollar higher than it was at this time last year. Refineries are currently experiencing historically high "crack spreads," with potential profits from refining oil reaching between $50 and $60 per barrel, compared to the usual range of $20 to $25. In the oil market, West Texas Intermediate futures for September delivery are trading at $83.68 a barrel, while Brent crude futures have increased to $89.34, as traffic through the Strait of Hormuz has recovered to about 30% to 35% of pre-war levels.

(UPDATED July 31, 2026 14:44 UTC)

Gas prices have surged, with the average cost for a gallon of regular gasoline hitting $4.10, which is about a dollar more than last year. Refineries are benefiting from historically high "crack spreads," as they anticipate profits of $50 to $60 per barrel of oil, compared to a typical range of $20 to $25. Meanwhile, West Texas Intermediate futures for September delivery are at $83.68 a barrel, while Brent crude futures have climbed to $89.34, driven by conflicts that have disrupted petroleum shipments and led to fuel shortages in some regions.

(UPDATED July 31, 2026 13:31 UTC)

Refineries are eyeing a barrel of oil priced at around $80, with potential profits soaring to between $50 and $60, a significant increase from the usual $20 to $25 range. Meanwhile, the Commonwealth Bank of Australia reports that traffic through the Strait of Hormuz has bounced back to approximately 30% to 35% of pre-war levels, and a further recovery to 50% to 60% could lead to oversupply in the global oil market. In related news, Trump expressed support for tariffs on Iran, stating that such measures would strengthen the bipartisan sanctions bill aimed at both Tehran and Russia.

(UPDATED July 31, 2026 10:54 UTC)

Major oil companies, including Exxon Mobil and Chevron, are expected to report significant profits due to the ongoing U.S.-Iran conflict, with Brent crude prices soaring to as high as $126 a barrel. In response to these rising profits, Senator Sheldon Whitehouse and U.S. Representative Ro Khanna have introduced legislation aimed at taxing these windfall profits to help consumers, with the proposed tax applying to profits from 2026 onward. Meanwhile, President Trump has expressed support for implementing tariffs on Iran, believing it would strengthen economic sanctions amid the ongoing tensions.