Major energy companies continue to book massive earnings as they profit from volatility caused by the U.S.-Iran conflict.
Big oil companies are enjoying soaring gains from their trades as oil and gas futures swing between big gains and losses on the latest headlines linked to the U.S.-Iran war.
Crude prices have been volatile throughout the conflict and were far higher in the second quarter of 2026 compared with a year earlier.
Six of Europe's largest oil companies posted combined first-quarter profits of $22 billion, more than 40% higher than last year. Profits at BP more than doubled to $3.9 billion in the second quarter, the British giant said Tuesday. Its shares plunged, however, as traders said the strong growth had been widely expected.
And Saudi Aramco reported a 44% year-over-year increase in second-quarter net profit that reached $32.69 billion, driven by higher crude oil, refined products and chemicals prices.
Aramco's gains came despite Iran's blockade of the Strait of Hormuz, the key conduit for Gulf oil, and attacks on Saudi ships in the Red Sea by Yemen's Houthi rebels.
The supercharged performances from big oil in Europe and the Middle East follow reports of enormous profits from the largest U.S. oil drillers last week.
As the conflict has dragged on, high oil prices have driven up the cost of gasoline, jet fuel and diesel, which has led to higher shipping costs.
In the West, filling up the car or buying a plane ticket is costing consumers more. But the situation in parts of Asia is more dire because the region depends more heavily on fuel exported through the Strait of Hormuz. Fuel supplies have run low in some countries, leading to rationing and sporadic closures of schools and government offices.
'Too much money'
Despite oil prices falling to their lowest level in three weeks Tuesday, big U.S. energy companies drew the ire of President Donald Trump, who criticized them this week for making "too much money" because of the war.
The five biggest Western energy majors – BP, Chevron, ExxonMobil, Shell and TotalEnergies – reported combined net profits of almost $47 billion in the second quarter.
Trump said oil giants should "give some of that back to the public," a notable break from his usual alliance with the industry.
"I don't like it. They're making too much money, okay? Based on a shortage, they're making too much money," he said.
Trump said he's not happy with Chevron and Exxon Mobil, though energy prices skyrocketed only after the U.S. and Israel attacked Iran in late February, and the Strait of Hormuz was effectively closed off to tanker traffic.
About 20% of the world's oil typically flows through the strait.
"Chevron, too much money. ExxonMobil, too much. Too much money," Trump said.
Exxon Mobil on Friday reported that its second quarter profits doubled to $14.5 billion, boosted by record diesel production. The oil giant, based in Spring, Texas, brought in $116 billion in revenue, up 42%.
Chevron, based in Houston, nearly quadrupled its profits to $12 billion and revenue jumped 56% to more than $70 billion.
Higher gas prices and cost-of-living concerns pose a political risk to Trump ahead of November's midterm elections when his fellow Republicans are seeking to retain control of Congress. Retail gasoline prices, currently averaging around $4.10 nationwide, have climbed more than 30% since the U.S. and Israel attacked Iran.
A spokesperson for the American Petroleum Institute, a trade organization representing U.S. oil firms, said, "Today's higher prices are driven by global supply, demand and continued uncertainty around the Strait of Hormuz and other critical shipping lanes – not by any one company."
Trump claimed oil prices would "drop through the floor" when the conflict with Iran ends, demanding the industry lower prices at the pump.
"They better cut the retail price, the consumer price," he said.
While oil plunged after Trump called off a planned "massive attack" on Iran over the weekend, prices at the gas pump tend to lag and do not necessarily follow suit.
On Tuesday, the price of U.S. crude oil fell 5.4%, or $4.36, to $75.98 per barrel. The sharp decline followed comments by Treasury Secretary Scott Bessent, who told CNBC that the U.S. and Iran "may have a deal today or tomorrow to open the strait."
Oil prices for U.S. crude are down from around $92 a barrel in late July, but still more than 13% higher than when the conflict with Iran started.
Brent crude, the international standard, fell 4.9% to $83.87 per barrel.
A resolution to the Iran conflict, which has lasted more than five months, could give oil shippers the ability to send vessels out of the Persian Gulf, where tankers of oil and other products have been trapped during the fighting.
Shares of major oil companies are up by around 20% to 30% this year, easily outpacing the 13% gains on the S&P 500.