US oil majors post record profits as Iran war lifts refining margins

Briefing by News4U · First published 2026-10-30 14:41:00 UTC

US oil majors ExxonMobil and Chevron reported third-quarter profits of $15.4 billion and $9.9 billion respectively, more than double the year-ago figures, as the Iran war pushed oil prices to around $85 per barrel and refining margins to $50.3 per barrel. The surge follows similar gains at European firms and has triggered protests over fuel prices in parts of Asia, Latin America and Europe. In the US, high gasoline and diesel prices are expected to test President Donald Trump’s Republican Party in next week’s midterm elections. The NGO 350.org called for permanent levies on “exceptional” oil profits to fund consumers and the energy transition. [1] [2] [3]

Sources

1. U.S. Oil Industry Earned Over $130 Billion in Profit During Iran War

   NY Times · 2026-10-30 10:35:32 UTC · Summary only

2. ExxonMobil and Chevron post bumper profits and warn on diesel supplies

   Financial Times · 2026-10-30 10:37:17 UTC · Summary only

3. US oil giants report profit surge again on Iran war

   RTÉ Business · 2026-10-30 14:20:11 UTC · Full text

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