How US oil firms profit $130bn from Iran war as household bills surge
News Source
β’Mon, 02 Nov 2026 14:27:50 +0000
π° What Happened
US oil and gas companies have made more than 130 billion dollars in profit during the war on Iran. The figure comes from The New York Times, based on 51 large companies between April and September. In the same months of 2025 they earned less than 47 billion dollars.
Families are paying for it. Americans have spent an extra 150 billion dollars on petrol and diesel since the war began, according to Brown University researchers. That works out to more than 1,150 dollars per household.
ExxonMobil and Chevron each reported profits of 10 to 15 billion dollars.
π The Backstory
The war started on February 28. Iran blocked most shipping through the Strait of Hormuz, and the US put a naval blockade on Iranian ports. Attacks also damaged refineries in the Middle East and Russia. Fuel supplies tightened and prices jumped.
This is not the first time oil firms gained from a crisis. Russia's invasion of Ukraine in 2022 pushed oil to about 100 dollars a barrel. Analysts warn that high prices can slow the world economy and cut demand later, which would hurt the same companies.
π― Why It Matters
Every extra dollar at the pump comes out of a family budget. The gap between record company profits and rising bills is now a political fight before US midterms.
US oil and gas companies have made more than 130 billion dollars in profit during the war on Iran. The figure comes from The New York Times, based on 51 large companies between April and September. In the same months of 2025 they earned less than 47 billion dollars.
Families are paying for it. Americans have spent an extra 150 billion dollars on petrol and diesel since the war began, according to Brown University researchers. That works out to more than 1,150 dollars per household.
ExxonMobil and Chevron each reported profits of 10 to 15 billion dollars.
The war started on February 28. Iran blocked most shipping through the Strait of Hormuz, and the US put a naval blockade on Iranian ports. Attacks also damaged refineries in the Middle East and Russia. Fuel supplies tightened and prices jumped.
This is not the first time oil firms gained from a crisis. Russia's invasion of Ukraine in 2022 pushed oil to about 100 dollars a barrel. Analysts warn that high prices can slow the world economy and cut demand later, which would hurt the same companies.
Every extra dollar at the pump comes out of a family budget. The gap between record company profits and rising bills is now a political fight before US midterms.