Trump Says Oil Firms Are Making Too Much Money From Iran War

Donald Trump criticised oil companies in the United States for earning “too much money” amid disruptions in global energy markets that he linked to his war on Iran.

Brent crude traded at about $70 a barrel before the first US-Israeli strikes at the end of February. By the end of April, it had risen to as high as $126 and was later trading around $85 a barrel, according to market pricing cited in the report. Trump said the higher prices had translated into windfall profits for major producers.

Trump Targets ExxonMobil And Chevron

Speaking to reporters at the White House on Monday evening, Trump said he did not like what he described as excessive earnings driven by a shortage.

He specifically took aim at profits reported by ExxonMobil and Chevron last week, warning that the companies should “give some of that back to the public”. He added: “They’re making too much money based on a shortage.”

The remarks came hours before BP said its profits had doubled in the last quarter to $5.7bn.

Higher Earnings Follow Market Disruption

Trump’s comments centred on a three-month period ending in June in which US oil companies reported combined profits of more than $26bn. The figures were linked to the energy market disruption sparked by the US conflict with Iran, as described in the source.

Chevron reported what it said was its highest ever quarterly profit, at $12.2bn, up fivefold compared with the same period a year earlier. ExxonMobil reported second-quarter profit of $14.5bn, double its figure for the same period last year and its highest quarterly profit since Russia’s 2022 invasion of Ukraine.

Trump said: “Chevron, too much money. ExxonMobil, too much money.” He added that retailers should cut prices for consumers, telling journalists the companies should lower both retail and consumer prices.

Companies Face Political And Public Pressure

When asked about Trump’s comments, BP chief executive Meg O’Neill told CNBC that she understood pressures on households. She said that the company produces a global commodity and the price of what it sells is tied to wider global commodity pricing.

Climate campaigners also criticised the sector’s earnings. Clémence Dubois, a campaigns director at international environmental group 350.org, said Chevron and Exxon were “profiteering” and argued that ordinary people faced higher bills and impacts including major fires. She described the profits as “almost criminal”.

The White House criticism follows weeks in which Trump warned energy retailers to reduce prices as he prepares for the November midterm elections amid flagging approval ratings. In late June, he urged action on his Truth Social platform, writing that gasoline retailers had to bring prices down “IMMEDIATELY” or face “big problems”.

Pump Prices And Iran Peace Talks

Trump also argued that petrol prices should have fallen in line with changes in oil and gas prices during the administration’s June peace talks with Iran. He said the fall in oil prices should have resulted in petrol dropping to $2.25 a gallon.

According to data from the AAA motoring group, US gasoline prices average $4.11 a gallon.

The administration has said it has no plans to introduce an export ban on oil or petroleum products. Some analysts, however, say that position could change if prices at the pump continue to rise.

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4 August 2026