The energy giant expects higher crude prices to lift second-quarter earnings by up to $5 billion amid Middle East tensions.
ExxonMobil (NYSE: XOM) disclosed that rising oil prices could add as much as $5 billion to its second-quarter profits. The update follows geopolitical tensions in the Middle East, which drove crude prices higher in recent months.
The benefit was minimal in the first quarter, but the impact is expected to be more pronounced in Q2. However, oil prices have since retreated from peak levels, creating uncertainty for future quarters.
Energy markets remain volatile, with ExxonMobil highlighting the difficulty in forecasting long-term price movements. Investors are closely monitoring the conflict’s effect on global supply chains.