US oil firms log $130bn profit as global fuel costs surge

US oil and gas companies have earned more than $130 billion in profit during the six‑month period from April to September amid the war on Iran, according to a conservative estimate by The New York Times.

The analysis, which covered 51 large US firms, shows profits far outstripping the less than $47 billion earned in the same period in 2025, when oil prices were lower before the US‑Israel conflict began.

Higher prices have hit consumers worldwide. An analysis by Brown University’s Climate Solutions Lab found Americans have spent an extra $150 billion on petrol and diesel since the war started on 28 February, roughly €1,150 per household.

Industry experts said US crude producers benefit from rising oil prices, while refiners capture strong margins as diesel supplies tighten. Damage to Middle Eastern and Russian refineries, disrupted Strait of Hormuz shipments and sanctions‑related trade frictions have intensified shortages, giving US facilities a relative advantage.

ExxonMobil and Chevron each reported quarterly profits between $10 billion and $15 billion. Valero Energy’s third‑quarter profit rose more than sixfold to $6.83 billion, and Phillips 66 posted a record $5.62 billion profit, up from $133 million a year earlier.

Analysts warn the volatility will continue until a durable political settlement is reached between the US and Iran.

Source: Al Jazeera. Photo: Igor Passchier / Pexels.