Rising oil prices due to Middle East tensions drive expected record profits for major U.S. energy firms this quarter.
Chevron and ExxonMobil are poised to report their strongest quarterly earnings since 2022, fueled by tighter oil and gas supply amid geopolitical tensions. The conflict involving Iran has disrupted markets, pushing prices higher and boosting profitability for the two largest U.S. oil companies.
Analysts anticipate second-quarter results will surpass prior periods, mirroring the surge seen after Western sanctions on Russia in 2022. The last comparable quarter saw record profits driven by similar supply constraints, though current geopolitical risks remain elevated.
The earnings surge may reignite political scrutiny, with critics arguing that high fuel prices disproportionately benefit energy firms while straining consumers.