Profiting from the Crisis: US-Iran War Drives Up Energy Prices, Oil Giants Reap Windfall Profits

American oil giants posted record profits in the second quarter of 2026 amid the US-Iran war, which disrupted traffic in the Strait of Hormuz and spiked energy prices. ExxonMobil doubled its profits to $14.53 billion, and Chevron nearly quadrupled to $12.07 billion. Democratic lawmakers propose a windfall tax, but companies oppose it.

American oil and gas giants posted record profits in spring 2026, while the conflict between Iran and the US disrupted oil shipments and raised prices for consumers worldwide. The conflict, now in its sixth month, paralyzed most traffic in the Strait of Hormuz, through which a fifth of global oil and gas output passes. Brent prices soared from about $70 to over $100 per barrel, peaking at $126. ExxonMobil reported that its second-quarter profits doubled to $14.53 billion, with record diesel output. Chevron nearly quadrupled its profits to $12.07 billion. Six European oil companies reported profits of $22 billion in the first quarter, an increase of more than 40%. Democratic lawmakers have introduced bills to tax windfall profits, but Exxon's CEO, Darren Woods, called it short-sighted. Refineries benefit from high prices, while consumers pay more for fuel. The average price of a gallon of gasoline in the US reached $4.11.