Trump Criticizes Big Oil Profits Amid Iran Tensions and Delayed Strikes

WHO:

NY Post - President Trump criticized Big Oil companies, specifically ExxonMobil and Chevron.

CNBC - President Trump made statements regarding oil profits and prices.

Fox Business - President Trump indicated he was delaying strikes against Iran and mentioned negotiations with U.S. allies.

Bloomberg Markets - President Trump announced he called off a planned attack on Iran.

WHAT:

NY Post - Trump stated, “I don’t like it,” in response to the profits reported by ExxonMobil and Chevron.

CNBC - Trump emphasized that oil companies "better cut the retail price, the consumer price" after criticizing their profits.

Fox Business - Trump indicated that the negotiations with U.S. allies would "include the Immediate, Complete and Total OPENING OF THE HORMUZ STRAIT, and an end to Iran's nuclear threat."

theguardian.com - Eight of the biggest oil companies amassed profits of more than $90 billion in just three months as the Iran conflict sent energy prices soaring.

theguardian.com - The eight oil companies made almost $93 billion in the three months to the end of June, nearly doubling their combined profits from just under $50 billion in the same period last year.

theguardian.com - Saudi Aramco reported a 34% increase in its quarterly net income to more than $33 billion, despite infrastructure damage from Iranian and Houthi forces.

theguardian.com - BP reported quarterly profits of $5.73 billion, the highest since the first year of Russia’s full-scale war on Ukraine, more than double the $2.5 billion from the previous three months.

theguardian.com - Shell's net income jumped to $9.84 billion, despite producing less gas from its Qatar gas plant due to war-related damage.

theguardian.com - Chevron reported net income of $12.2 billion for the second quarter, a more than fivefold increase on the same period last year.

theguardian.com - ExxonMobil reported a profit of $14.5 billion, double what it made in the same period a year ago and its highest quarterly profit since Russia’s 2022 invasion of Ukraine.

CNBC - U.S. crude oil prices have gained about 20% since the U.S. and Israel attacked Iran on February 28.

CNBC - Gasoline prices averaged about $4.10 per gallon nationwide, nearly 40% higher compared to $2.98 per gallon on February 27 before the war started.

Fox Business - Prices for West Texas Intermediate crude were down about 6.2% during Monday morning, trading around $79.45 a barrel after a decline of about $5.

Fox Business - Brent crude oil prices were down over 3.5% at around $79.30 a barrel.

theguardian.com - BP reported its quarterly profits more than doubled to $5.73 billion, up $2.5 billion from the previous quarter.

theguardian.com - Shell posted its second-highest quarterly earnings on record, doubling its net profit to almost $10 billion in the three months to June.

theguardian.com - Saudi Aramco reported a 44% rise in net profits to $32.69 billion for the three months ending on June 30.

Fox Business - Trump stated that the negotiations with U.S. allies would "include the Immediate, Complete and Total OPENING OF THE HORMUZ STRAIT, and an end to Iran's nuclear threat."

CNBC - Trump urged that oil companies "better cut the retail price, the consumer price" after criticizing their profits.

Fox Business - The national average price for a gallon of regular gasoline was reported at $4.095, up 7% from a month ago and 30% from a year ago.

NY Post - Trump expressed discontent with the profits of Big Oil, stating, “I don’t like it.”

CNBC - Trump stated that ExxonMobil and Chevron made "too much money" due to rising crude oil prices from the Iran conflict.

CNBC - Chevron's earnings soared nearly 400% to $12 billion compared to $2.5 billion in the same period last year; Exxon's profits more than doubled to $14.5 billion compared to $7.1 billion in the year-ago period.

Fox Business - Oil prices fell about 6.2% to around $79.45 a barrel after Trump signaled a delay in strikes against Iran.

Fox Business - Trump stated that negotiations would begin on Monday afternoon regarding the Iran conflict.

Bloomberg Markets - Trump announced new talks with Iran would begin.

WHERE:

CNBC - The statements were made at the White House.

Fox Business - The Strait of Hormuz was mentioned as a key location affected by the conflict.

WHEN:

Fox Business - Trump indicated that negotiations would begin on Monday afternoon.

CNBC - The earnings reports for ExxonMobil and Chevron were released on a Friday.

WHY:

theguardian.com - The ongoing conflict in the Middle East has caused disruptions in energy exports, contributing to the rising profits of oil companies.

CNBC - Trump criticized the profits of Big Oil due to the impact of the Iran war on oil prices, stating, "They're making too much money based on a shortage."

Fox Business - Trump delayed strikes against Iran to allow for negotiations with U.S. allies to end the war.

HOW:

Fox Business - Trump wrote on his Truth social media platform that Chevron CEO Mike Wirth gave "all of the reasons that his company is doing so well," but he urged him to lower prices for consumers, stating, "The only thing he conveniently forgot to mention is that, without the genius, foresight, strength, and stability, of the TRUMP Administration, the Oil Industry, and our Country itself, would be DEAD!"

Fox Business - Trump wrote on his Truth social media platform that Chevron CEO Mike Wirth gave "all of the reasons that his company is doing so well," but he urged him to lower prices for consumers.

Fox Business - Trump signaled he was holding off on ordering fresh strikes against Iran, indicating that U.S. allies had reached an outline of an agreement to end the war.

(UPDATED August 4, 2026 22:59 UTC)

Trump expressed his discontent with the profits reported by ExxonMobil and Chevron, stating, “I don’t like it,” and urged the oil companies to lower retail prices for consumers. He also mentioned that negotiations with U.S. allies would focus on the "Immediate, Complete and Total OPENING OF THE HORMUZ STRAIT, and an end to Iran's nuclear threat." On his Truth social media platform, Trump criticized Chevron CEO Mike Wirth for not acknowledging the impact of his administration on the oil industry, asserting that without it, the industry and the country would be "DEAD!"

(UPDATED August 4, 2026 21:09 UTC)

Eight of the largest oil companies have reported combined profits exceeding $90 billion in just three months, driven by soaring energy prices due to the ongoing conflict in Iran. Notably, Saudi Aramco saw a 34% increase in its quarterly net income to more than $33 billion, while ExxonMobil's profits reached $14.5 billion, doubling its earnings from the same period last year. Additionally, BP and Shell also posted significant gains, with BP earning $5.73 billion and Shell reporting a net income of $9.84 billion, despite challenges from war-related damage to infrastructure.

(UPDATED August 4, 2026 15:26 UTC)

U.S. crude oil prices have surged about 20% since the U.S. and Israel launched attacks on Iran on February 28, leading to gasoline prices averaging around $4.10 per gallon nationwide, which is nearly 40% higher than the $2.98 per gallon before the conflict began. Meanwhile, prices for West Texas Intermediate crude have dipped about 6.2% to around $79.45 a barrel, while Brent crude is down over 3.5% at approximately $79.30 a barrel. In response to these developments, Trump took to his Truth social media platform to urge Chevron CEO Mike Wirth to lower prices for consumers, emphasizing that without the leadership of the Trump Administration, the oil industry would be in dire straits.

(UPDATED August 4, 2026 10:34 UTC)

BP has reported that its quarterly profits have more than doubled to $5.73 billion, an increase of $2.5 billion from the previous quarter. Meanwhile, Shell has posted its second-highest quarterly earnings on record, nearly reaching $10 billion in net profit for the three months ending in June. Additionally, Saudi Aramco has seen a 44% rise in net profits, totaling $32.69 billion for the same period, driven by disruptions in energy exports due to the ongoing conflict in the Middle East.

(UPDATED August 4, 2026 04:08 UTC)

Trump announced that negotiations with U.S. allies would focus on the immediate and complete opening of the Hormuz Strait, alongside efforts to address Iran's nuclear threat. He also called on oil companies to reduce retail prices for consumers, criticizing their profits while noting that the national average price for a gallon of regular gasoline has risen to $4.095, marking a 7% increase from a month ago and a 30% jump from a year ago. In a post on his Truth social media platform, Trump referenced Chevron CEO Mike Wirth's explanation for the company's success but emphasized the need for lower prices for consumers.

(UPDATED August 4, 2026 00:03 UTC)

President Trump has expressed his discontent with the profits of Big Oil companies, specifically calling out ExxonMobil and Chevron for making "too much money" amid rising crude oil prices linked to the conflict in Iran. He announced that he is delaying strikes against Iran to allow for negotiations with U.S. allies, which are set to begin on Monday afternoon, and this decision has already led to a drop in oil prices. Additionally, Chevron reported earnings soaring nearly 400% to $12 billion, while Exxon’s profits more than doubled to $14.5 billion compared to last year, prompting Trump to state, “I don’t like it.”