Exxon and Chevron reported combined Q2 profits of $26.6 billion as crude prices jumped due to Strait of Hormuz disruptions.
Exxon Mobil and Chevron posted combined second-quarter profits of $26.6 billion, more than doubling year-ago earnings as the Iran war disrupted oil flows through the Strait of Hormuz. Exxon reported $14.5 billion in profit, up from $7.1 billion, while Chevron earned $12.1 billion, compared with $3.1 billion a year earlier.
Crude prices surged, with Brent climbing above $88 a barrel from roughly $73 before the conflict. Gasoline prices rose from under $3 to $4.06 a gallon, benefiting integrated oil majors that capture profits across the supply chain. The five supermajors are on track for their third-highest earnings in history.
Market risks remain, as a potential peace deal in the Strait of Hormuz could reverse the windfall. The closure has sharply reduced tanker traffic, tightening global oil supplies and driving the rally.