While the U.S. war on Iran is broadly unpopular in the U.S, including among a growing number of Donald Trump voters, at least one of the president’s core constituencies is happy: Big Oil.
The war’s straining of the global oil supply chain has delivered windfall profits to major fossil fuel corporations. The top two U.S. oil companies, ExxonMobil and Chevron, recently disclosed an astounding $26.5 billion in net income during the second quarter of 2026. Top independent U.S. oil refiners like Marathon, Valero, and Phillips 66 are seeing similar explosions in profits. Globally, a Guardian study found that eight of the world’s top oil companies took in more than $90 billion, or “more than $700,000 of profit every minute over the spring quarter.”
The word “oil company” might evoke generic imagery of rigs and refineries. But behind these entities are executives, board members, and top investors who are primary beneficiaries of Big Oil’s war profiteering and who hold commanding power within a fossil fuel power structure that stretches well beyond oil company boardrooms and into Wall Street and the corporate establishment more widely.
Big Oil’s War Profits
ExxonMobil and Chevron are the two largest U.S. oil corporations, together worth around $1 trillion. They are massive integrated fossil fuel companies whose operations span the entire chain of oil and gas production, and who have a presence across virtually the entire world.
In July, the two oil juggernauts together reported $26.5 billion in net income during the second quarter of 2026 — April through June of this year — as “they cashed in on surging crude and petrol prices caused by Donald Trump’s Iran war,” wrote the Financial Times.
Comparisons with last year provide a metric for measuring these enormous returns. In 2025, ExxonMobil reported second-quarter total earnings of $7.08 billion. In 2026, by comparison, that number leapt to $14.53 billion — more than a 105 percent increase, and “its best quarterly profit since Russia’s 2022 invasion of Ukraine caused a surge in oil prices,” according to the Financial Times.
In 2025, Chevron reported second-quarter earnings of $2.49 billion. In 2026, that number skyrocketed nearly four times — 384.7 percent — to $12.07 billion, which is Chevron’s largest quarterly haul ever.
The two corporations’ share prices have also soared compared to last year. On August 10, 2026, ExxonMobil’s share price closed at $159.79 — a 51 percent increase from its closing price of $105.83 on August 11, 2025. Similarly, Chevron’s share price closed at $194.91 on August 10, 2026 — a 27 percent increase from its closing of $153.45 on August 11, 2025.
Hellbound and Down 