Oil Companies Are Making Too Much Money From Iran War — Trump

United States President Donald Trump has accused major oil companies of benefiting excessively from the market disruptions caused by the US-Israeli war on Iran, demanding that they reduce fuel prices and return part of their increased earnings to consumers.

Trump, who spoke to reporters at the White House, criticised the record profits posted by oil giants, including ExxonMobil and Chevron, arguing that the companies were taking advantage of supply concerns triggered by the conflict.

“They’re making too much money based on a shortage,” Trump said. “I don’t like it.”

Global oil prices rose sharply following the outbreak of the war, with Brent crude climbing from about $70 per barrel before the first US-Israeli strikes at the end of February to a peak of $126 by the end of April before later easing to around $85 per barrel.

The surge in oil prices contributed to significant earnings growth for major energy companies, with ExxonMobil and Chevron recording combined profits of more than $26 billion in the three months ending in June.

Chevron posted a record quarterly profit of $12.2 billion, representing a fivefold increase from the same period last year, while ExxonMobil reported second-quarter earnings of $14.5 billion — more than double its profit from a year earlier and its strongest quarterly performance since Russia’s invasion of Ukraine in 2022.

“Chevron: too much money. ExxonMobil: too much money,” Trump said. “They’re going to give some of that back to the public and they better cut the retail price, the consumer price.”

His comments came shortly before BP announced that its quarterly profit had doubled to $5.7 billion, as the company benefited from volatility in global energy markets.

Responding to Trump’s criticism, BP chief executive Meg O’Neill acknowledged the financial pressures facing households but maintained that fuel prices were largely determined by international oil markets.

“The reality is, we produce a global commodity, and the product we sell hangs off that global commodity price,” O’Neill said.

Environmental groups also criticised the earnings of major oil companies, describing the profits as excessive amid rising energy costs and concerns over climate impacts.

Clémence Dubois, campaigns director at 350.org, said, “Chevron and Exxon are profiteering from a model of distraction, leaving ordinary people to pay the price with higher bills and devastating impacts such as these fires. These profits feel almost criminal.”

Trump’s comments came amid his renewed push for lower energy prices as he campaigns ahead of the November midterm elections.

The president had earlier directed the US Department of Justice to investigate possible price gouging in the retail energy sector and warned fuel retailers to reduce prices.

“Gasoline Retailers must get their Prices down, IMMEDIATELY,” Trump wrote on his Truth Social platform in June. “If Retailers don’t do this, big problems lie ahead!”

He also argued that falling oil prices recorded during his administration’s June peace talks with Iran should have resulted in a significant reduction in petrol prices for consumers.

“Oil prices have come down so much and we are not seeing anything at the pump by comparison the way they should be,” Trump told reporters in the Oval Office.

Data from the AAA motoring group showed that the average price of gasoline in the United States currently stands at $4.11 per gallon.

While the Trump administration has maintained that it is not considering restrictions on oil or petroleum exports, market analysts said such measures could be reconsidered if fuel prices continue to rise.

Trump’s criticism adds to growing debate over whether energy companies are benefiting unfairly from geopolitical tensions while consumers bear the cost of higher fuel prices.