Former President Donald Trump criticized ExxonMobil and Chevron for profiting excessively from the surge in crude oil prices linked to the conflict involving Iran. Speaking at the White House, Trump contended that the oil giants made "too much money" during the crisis, which stemmed from supply disruptions triggered by tensions and military actions in the region. He emphasized his dissatisfaction with the companies’ windfall gains amid the ongoing geopolitical strife.

Both Exxon and Chevron posted remarkably strong second-quarter earnings, reflecting the elevated oil prices. Chevron’s profits soared by almost 400% to $12 billion, a significant jump from $2.5 billion in the same quarter last year. Meanwhile, ExxonMobil more than doubled its earnings, reaching $14.5 billion compared to $7.1 billion in the previous year’s quarter. These earnings reports underline how the oil majors capitalized financially on the market volatility caused by the Iran situation.

Trump also urged these corporations to return some of these earnings to the public by lowering retail prices at the pump. He stressed that consumers should benefit from the companies' gains, insisting that gas prices needed to come down. His comments followed continued price increases at the gas station, with national average gasoline prices rising nearly 40% since the escalation of the Iran conflict in late February.

The sharp rise in oil futures prices, which averaged around $92 per barrel from April to June—up roughly 27% from the first quarter—is directly linked to the disruptions in oil exports caused by Tehran’s attempts to block the Strait of Hormuz. Despite the recent price volatility and Trump’s remarks, shares of the two energy giants slightly declined amid broader market concerns regarding the ongoing geopolitical risks and prospects of de-escalation through U.S.-Iran negotiations.