Trump criticizes oil companies for windfall profits amid conflict with Iran

U.S. President Donald Trump has publicly criticized major oil corporations, specifically ExxonMobil and Chevron, for generating excessive profits following the escalation of the conflict with Iran. The companies recently reported significant financial gains for the second quarter of 2026, with ExxonMobil posting $14.5 billion and Chevron reporting $12.1 billion in net profits. Trump argued that these corporations, which have benefited from war-induced supply constraints, should return a portion of these earnings to the public by lowering fuel prices at the pump.

The conflict, initiated by the U.S. and Israel against Iran in late February 2026, has led to a dramatic increase in global energy costs, with crude oil prices exceeding $126 per barrel. U.S. gasoline prices have risen nearly 40% since the conflict began, reaching an average of $4.10 per gallon. Meanwhile, the strategic Strait of Hormuz remains effectively closed, with reports of a cargo ship being struck by a projectile. These events occur as the administration faces increasing pressure ahead of the November midterm elections, with critics pointing to the economic impact of the administration's own military policies in the Persian Gulf.