Trump Criticizes Exxon and Chevron for High Profits Amid Iran War

August 3, 2026 · Macro · CryptoRefuge Team

Trump says Exxon and Chevron made 'too much money' during the Iran war, criticizing the oil companies for their high profits based on a shortage.

Oil prices have seen significant volatility due to the conflict between the US and Iran, with the Brent crude price increasing and U.S. oil futures price averaging $92 per barrel.

$4.09 average gasoline price in the US, a significant increase from the previous price of $2.98. The current average gasoline price in the US is $4.09 per gallon, up from $2.98 previously.

ExxonMobil and Chevron have reported significant profits, with Exxon's profit at $14.5 billion and Chevron's at $12.1 billion.

$14.5 billion Exxon profit, a substantial increase from the previous year's $7.1 billion. $12.1 billion Chevron profit, more than four times the previous year's $2.5 billion. Their profits were $7.1 billion and $2.5 billion respectively in the previous year.

The oil companies have reduced debt and returned value to shareholders, with Chevron cutting its debt by $8.4 billion and Exxon returning $9.4 billion to shareholders.

$8.4 billion Chevron debt cut, a significant reduction in the company's debt. $9.4 billion Exxon returned to shareholders, a substantial amount of value returned to investors.

Trump's comments may heighten political pressure on oil firms, potentially stabilizing or reducing oil prices amid geopolitical tensions.

$120 peak crude price, a significant increase due to the conflict between the US and Iran. 5% decrease in crude price after Iran signaled it might halt attacks. The conflict between the US and Iran has led to a significant increase in oil prices, with the peak crude price reaching $120 per barrel, but decreasing by 5% to $82 per barrel after Iran signaled it might halt attacks.

According to Trump, "They're making too much money based on a shortage. I don't like it." — Donald Trump, US President. The US President's comments reflect his concern about the high profits of oil companies during a time of geopolitical tension.

Despite Trump's comments, the big oil companies have not been significantly affected, as shown in the chart below. Analysis: If Trump's comments lead to increased political pressure on oil firms, it could potentially stabilize or reduce oil prices. However, if the conflict between the US and Iran escalates, oil prices may continue to see significant volatility. A break below $80 per barrel could signal a decrease in oil prices, while a rise above $100 per barrel could indicate an increase in oil prices.

The oil market will continue to see significant volatility due to the conflict between the US and Iran. Investors should watch for any developments in the conflict and its impact on oil prices.