Oil Majors Post Record Profits as Iran War Drives Up Gas Prices
ExxonMobil, Chevron, Shell and BP report blowout quarterly earnings as the US-Israel war on Iran pushes fuel costs to record highs for American households.
Part of a larger narrative
Trump's Economic Reality Check
- Gas prices hit record high for a U.S. Election Day as voters head to polls
- Oil prices tumble as Iran-Qatar talks on ending war show progress
- Oil Majors Post Record Profits as Iran War Drives Up Gas Pricesyou are here
- Brent crude hits $110 for first time since May amid supply risks
What to know
- US oil companies earned nearly $130 billion in profit from April through September 2026, versus under $47 billion over the same months in 2025.
- Shell, BP, ExxonMobil and Chevron all reported sharply higher Q3 profits, with Shell and BP posting multi-year or near-record highs and boosting shareholder buybacks.
- US gasoline averaged $4.12/gallon in Q3 2026, the highest quarterly average ever, with the median household paying an estimated $856-$1,100 more since the war began.
- Trump's personal oil and gas stock wealth reportedly grew by as much as $35.8 million this year even as he publicly frames high oil prices as good for America.
The dispute Commenters split between blaming the war itself for the price spike and blaming oil companies' own export and pricing decisions for exploiting it. · positions read across 48 posts and comments
Oil companies and Trump are war profiteers exploiting the conflict to gouge consumers.
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“The Republicans' stupid war with Iran was an excuse for their fossil fuel pals to make out like bandits.”
markjacob.bsky.social · Bluesky ↗
The real driver is companies choosing to export fuel and set prices for maximum profit, not a genuine supply shortage from the war.
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“Currently we are still exporting huge amounts of diesel and other petroleum products because there is greater PROFIT overseas and concurrently they raised the prices for the American consumer”
Secret_Cat_2793 · Reddit ↗
High fossil fuel prices will accelerate the shift to electric vehicles and renewables, hastening the industry's decline.
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“They're making record profits right now, but ultimately, they're killing their own business model. These higher prices are doing a lot to drive people away from fossil fuels.”
notapantsday · Reddit ↗
“As fossil-fuelled storms, floods, and soaring costs wreck communities, oil executives like Shell’s Wael Sawan are popping champagne on the deck of a sinking planet. We are paying with our lives and pay-cheques while they cash in on our misery,”
Philip Evans, Senior campaigner, Greenpeace · The Guardian ↗ · Oct 28
Donald Trump US PresidentWael Sawan Shell CEO
Chris Van Hollen US SenatorPhilip Evans Senior campaigner, GreenpeaceExxonMobil Oil majorChevron Oil major
How it unfolded 7 developments, newest first · click a bar or a number to jump articlesvideospostscomments
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7
Mother Jones highlights Trump saying 'I don't give a damn' about pump prices
A follow-up Mother Jones post framed Trump's dismissive stance toward consumers paying record gas prices, amplifying criticism of the administration's response as earnings season closed out.
“Americans are paying hundreds of dollars extra at the pump—and the president says “I don’t give a damn.””
— Mother Jones -
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President Trump’s oil and gas investments have grown by as much as $35.8 million, while the rest of us pay record gas prices.
2 more of the top 3 · 6 posts in this stretch
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Report: The Iran war has nearly tripled oil industry profits US Senator Chris Van Hollen has slammed oil firms for profiting $130bn from the US war of aggression, "while Americans have paid the rising fuel cost." US oil companies are “literally profiting off working people’s pain”. https:// aje.news/tylycb?update=5101930 # USPol # EUPol # BigOil #…
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Ok, cool. Calm it whatever you want. Price fixing, colluding, supply fixing. It impacts the pricing in a way that benefits them and they have control over it. Its the same shit.
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Mother Jones ties Trump's oil wealth and rhetoric to the profit surge
Mother Jones reported Trump's personal oil and gas holdings grew by as much as $35.8 million per a congressional Democrats' report, while the median household spent $856 more at the pump; the piece recapped Trump's repeated public framing of the price surge as a national windfall.
“Our country is making hundreds of billions of dollars because of what’s happened in the Middle East, because they’re coming to Texas, and they’re coming to Oklahoma, and they’re coming to Louisiana and they’re taking that oil.”
— President Donald Trump -
first by Mother Jones, 8d ago
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Oil companies' Q3 profits went up by 140% compared to last year. Why? Because they are profiting off Trump's war on Iran. https://www. commondreams.org/news/big-oil- profits-2026 # oil # gas # war # climate # Iran # profiteering
2 more of the top 3 · 6 posts in this stretch
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Hmm, so with the war making oil so expensive, the real problem seems to be that oil companies used it as an excuse to rake in an extra several billion $ in profits, by some measures quadrupling their profit. So, explain to me exactly why we aren't going after this theft vigorously. There's some farmers in the midwest who need to understand why…
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That would be great. I live in Texas where there are many oil company headquarters. The money would need to come from the state royalties that oil companies pay the state in my opinion, because they would never write us a check themselves. Also, the large oil companies like Exxon and Chevron are cutting American jobs and using tech centers in…
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Reports detail $148B in extra consumer gas spending and Trump's oil stock gains
Coverage from Truthout and CNN tallied roughly $148 billion in extra US gasoline spending alongside the $130 billion industry profit figure, and noted shareholders including Trump benefiting from the price surge.
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first by New Republic, 9d ago · also Yahoo Finance, Fortune
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Report: Iran war has nearly tripled oil industry profits US Senator Chris Van Hollen has slammed oil firms for profiting $130bn from the US war of aggression, "while Americans have paid the rising fuel cost." US oil companies are “literally profiting off working people’s pain”. https:// aje.news/tylycb?update=5101930 # USPol # EUPol # BigOil #…
2 more of the top 3 · 5 posts in this stretch
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That means the direct war costs are almost offset by the increased profits of the U.S. oil industry. An interesting way of shifting money from the public budget into shareholder profits.
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The war with Iran has been very lucrative for American oil companies, which have earned more than $130 billion in profit as people pay much higher prices for gasoline, diesel and other fuel. https://www. nytimes.com/2026/10/30/busines s/energy-environment/exxon-chevron-oil-profits-iran-war.html # Ukraine # Russia # US # Iran
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Sen. Van Hollen calls on Trump to end the war
Senator Chris Van Hollen accused Trump's 'buddies in Big Oil' of profiting from a war he called illegal and senseless while American households absorbed higher fuel costs.
“Since Trump started this illegal & senseless war in Iran, his buddies in Big Oil have made $130 BILLION in profit while American households have paid over $1,100 in extra fuel costs.”
— Sen. Chris Van Hollen -
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“.. more than $130 billion in profit as people pay much higher prices for gasoline, diesel and other fuel.” @nytimes.com
2 more of the top 3 · 5 posts in this stretch
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Ridiculous false equivalency and a shallow view of supply side economics. During the Biden administration we began to pump more oil than the Saudis. Even though it is a theoretically limited resource there is no need to gouge prices to stop a shortage. If we were going to have embargo prices now then we would have from the shutting of the Strait…
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The oil corporations get rich while the American consumers get screwed. Thanks Trump. ExxonMobil and Chevron report blowout profits as Trump touts benefits of high oil prices https://www. nbcnews.com/business/energy/ex xonmobil-chevron-profits-trump-high-oil-prices-rcna606524
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NYT finds US oil industry earned over $130bn since war began
A New York Times analysis of more than 50 large US oil and gas companies found nearly $130 billion in profit from April through September, versus less than $47 billion over the same months in 2025; ExxonMobil's profit doubled and Chevron's rose 180 percent.
“more than $130 billion in profit as people pay much higher prices for gasoline, diesel and other fuel.”
— New York Times -
6 outlets US Oil and Gas Companies Earn More Than $130 Billion in Profits During Six Months of War With Iran
first by Stories Framing the Globe, 9d ago · also Yahoo Finance, The Seattle Times, NYT, NYT Climate, NYT Middle East
2 more headlines
- US Oil Industry Earned Billions More in Profits Than During the Same Period in 2025 Amid Iran War Yahoo Finance · 8d ago
- U.S. Oil Industry Earned Over $130 Billion in Profit During Iran War The Seattle Times · 8d ago
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The Republicans' stupid war with Iran was an excuse for their fossil fuel pals to make out like bandits.
2 more of the top 3 · 13 posts in this stretch
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The war with Iran has been very lucrative for American oil companies, which have earned more than $130 billion in profit as people pay much higher prices for gasoline, diesel and other fuel. That is a conservative estimate based on the performance of more than 50 large U.S. oil and gas companies, most of them producers or refiners, in the six…
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Exxon Reaps Record Profits From Oil Refining on War-Driven Gasoline, Diesel Spikes https://www. bloomberg.com/news/articles/20 26-10-30/exxon-reaps-record-oil-refining-profits-on-war-driven-gasoline-diesel-spikes?utm_source=flipboard&utm_medium=activitypub Posted into Bloomberg Television @ bloomberg-television-bloomberg
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BP reports Q3 profit jump to $8.46bn
BP's third-quarter underlying replacement cost profit rose to $8.46bn from $2.2bn a year earlier, which the Guardian attributed to Middle East conflict driving up refining margins.
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first by Bloomberg Markets, 9d ago · also Investing.com News, Guardian
3 more headlines
- BP Q3 underlying profit rises to $8.46 bln on refining margins Investing.com News · 9d ago
- BP Earnings: Profits Jump as Refining Margins Surge Bloomberg Markets · 9d ago
- BP profits jump as Middle East conflict drives up oil refining margins Mastodon · 9d ago
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first by CNBC, 9d ago
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BP’s Profits Jump as Refining Margins Surge https://www. bloomberg.com/news/newsletters /2026-10-30/bp-earnings-profits-jump-as-refining-margins-surge?utm_source=flipboard&utm_medium=activitypub Posted into Bloomberg Television @ bloomberg-television-bloomberg
1 more of the top 2 · 2 posts in this stretch
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Oil Giants Post Record Profits As Trump Brags ‘We’re Making A Freaking Fortune’ # CrooksAndLiars
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Shell nearly doubles quarterly profit to $10.8bn
Shell reported adjusted Q3 profit of $10.8bn, up from $5.432bn a year earlier, beating analyst expectations, and raised its share buyback to $5bn; CEO Wael Sawan cited the disrupted global energy system.
“Shell’s relentless focus on operational performance enabled very strong results in a quarter with continued severe disruption to the global energy system.”
— Wael Sawan, Shell CEO -
2 outlets first by CNBC, 10d ago · also Crude Oil Prices Today | OilPrice.com · read ↗
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first by Guardian, 10d ago · also The Guardian
1 more headline
- Shell profits double to $10.8bn as Iran war pushes up margin on oil The Guardian · 10d ago
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Shell profits DOUBLE from the Iran war. $10.8 BILLION DOLLARS! Despicably evil! 🔥🌎💥☄️
2 more of the top 3 · 11 posts in this stretch
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At what point do people realize that trump and oil companies are making a freaking fortune ... off their backs? How exactly does every American contributing to trump's and oil companies' fortunes make America strong? And he doesn't give a damn. Should be a no-brainer. # UsPol 1/n
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Oil companies making bank during the disruption is called war profiteering. What is deceptive - and illegal - is when trump claims the strait is open when it is not open.
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background
US and Israel begin bombing campaign against Iran — The war, which disrupted shipping, insurance and Middle East refining capacity, is the catalyst for the subsequent surge in global oil and fuel prices.
Also covered reported alongside — the timeline has no entry for these yet
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4 outlets Chevron and Exxon hit all-time highs as refining profits soar in reaction to Iran and Ukraine wars
first by Mastodon, 9d ago · also CNBC, Investing.com News, Bloomberg
4 more headlines
- Chevron beats earnings expectations as refining profits soar on high diesel fuel prices CNBC · 9d ago
- Chevron beats estimates as refining margins lift earnings Investing.com News · 9d ago
- Exxon and Chevron Beat Estimates as Oil Refining Profits Soar Bloomberg · 9d ago
- Chevron and Exxon beat earnings expectations as refining profits soar on high diesel fuel prices CNBC · 9d ago
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first by Scripps News, 9d ago · also New York Post, NY Post
1 more headline
- Big Oil rakes in over $130B in profits as soaring gas prices squeeze consumers amid Iran war New York Post · 8d ago
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first by CNN, 9d ago · also NBC News, KEYT-TV
1 more headline
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first by Investing.com News, 9d ago · also Yahoo Finance, Reuters
1 more headline
- Earnings live updates: Exxon, Chevron refining margins jump, lifting earnings Yahoo Finance · 9d ago
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2 outlets Oil company earnings skyrocket — again
first by NPR Business, 8d ago · also NPR News
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first by Truthout, 9d ago · also Joe.My.God.
1 more headline
- US Big Oil Has Made $130B+ In Profit During Iran War Joe.My.God. · 9d ago
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first by Philadelphia Inquirer, 9d ago · also Guardian
1 more headline
- ExxonMobil and Chevron top estimates for Q3 as Americans feel gas price pain Guardian US · 9d ago
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first by Quartz, 9d ago · also Seeking Alpha
1 more headline
- Chevron rises as Q3 profit nearly triples on record refinery throughput Seeking Alpha · 9d ago
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first by Bloomberg Markets, 9d ago · also Investing.com News
1 more headline
- ExxonMobil earnings top estimates as diesel, gasoline spike fuels refining profit Investing.com News · 9d ago
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first by Financial Times, 9d ago · also FT
and 17 smaller pieces
What people are saying 7 voices from 2 sites · best of 48 · verbatim
- Why isn't government pursuing action against the profit surge as price gouging or 'theft'?
- Oct 31
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They earned it by overcharging people who depend on it because any other form of energy is actively discouraged. Maybe they don’t need all these gvt subsidies since they’re so profitable.
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So they only don't like some types of Redistribution of wealth. If the Redistribution is to start a war with tax payer money to raise the price of oil the that Redistribution is okay.
- Oct 30
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They're making record profits right now, but ultimately, they're killing their own business model. These higher prices are doing a lot to drive people away from fossil fuels. Electric cars and trucks, heat pumps, renewable energy. Since these alternatives are technologically superior and often have cheaper running costs, the lost demand gone for…
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It wouldn't be so so so bad if they didn't make huge profits before and were not getting tax payer subsidized working conditions/locations. Like a drug dealer they have helped create a dependent state that we are forced to pay. Now with electricfication of more things oil will lose its cash cow while gobbling up new industry to lord over folks
- Oct 29
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Vielen Dank an Herrn Merz und Frau Reiche, und jeden, der Union oder die ekelhAfDen wählt❗ Shell profits double to $10.8bn as Iran war pushes up margin on oil | Shell | The Guardian https://www. theguardian.com/business/2026/ oct/29/shell-profits-double-iran-war-pushes-up-profit-margin-on-oil
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You know who loves the Iran war? Oil companies. Shell’s adjusted earnings nearly doubled year on year to $10.81 billion, beating analyst expectations and marking its strongest profit since the second quarter of 2022. www.cnbc.com/2026/10/29/s... Shell nearly doubles quarterly...
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Shell Reports Second-Highest Profit Ever as Refining Hits Record https://www. bloomberg.com/news/articles/20 26-10-29/shell-reports-second-highest-profit-ever-as-refining-hits-record?utm_source=flipboard&utm_medium=activitypub Posted into Ukraine @ ukraine-thenewsdesk