Trump Accuses Oil Giants of Profiteering From Iran War

President Donald Trump has lambasted major US oil companies for profiting heavily from the energy market chaos unleashed by his administration's military campaign against Iran, insisting they must share their windfalls with American consumers. Speaking at the White House on Monday, Trump singled out ExxonMobil and Chevron, whose second-quarter earnings revealed massive gains as global crude prices spiked following the February strikes.

Soaring Profits Amid Market Turmoil

Chevron reported a record net income of $12.2 billion for the three months ending in June, a fivefold increase from the same period last year. ExxonMobil posted $14.5 billion in quarterly profit, double its year-ago figure and the highest since Russia's 2022 invasion of Ukraine. British oil giant BP also saw profits double to $5.7 billion, as reported just hours after Trump's remarks.

The surge in earnings came as Brent crude, the international benchmark, climbed from around $70 a barrel before the first US-Israeli strikes in late February to as high as $126 by late April. Although prices have since retreated to roughly $85, the volatility created an ideal environment for oil majors to capitalize on supply concerns.

Trump's Demand for Relief at the Pump

"They're making too much money based on a shortage," Trump told reporters. "I don't like it." He specifically named the two American giants: "Chevron: too much money. ExxonMobil: too much money. They're going to give some of that back to the public and they better cut the retail price, the consumer price."

The president's rebuke follows his recent warnings to gasoline retailers to lower prices, as he faces sagging approval ratings ahead of the November midterm elections. In late June, he took to Truth Social to demand immediate price cuts, adding, "If Retailers don't do this, big problems lie ahead!" He also instructed the Justice Department to probe potential price gouging in the retail energy sector.

During his Monday press conference, Trump argued that the drop in oil prices following June peace talks with Iran should have translated to $2.25-a-gallon gasoline. However, the national average currently sits at $4.11 per gallon, according to AAA data, leaving consumers feeling the pinch.

Industry and Activists Push Back

BP's chief executive, Meg O'Neill, pushed back on the criticism, telling CNBC that oil companies operate within a global commodity market. "The reality is, we produce a global commodity, and the product we sell hangs off that global commodity price," she explained, suggesting that profit levels are largely dictated by international dynamics rather than corporate decisions.

Climate campaigners, meanwhile, seized on the bumper earnings as evidence of an industry out of step with public interests. Clémence Dubois, campaigns director at the environmental group 350.org, described the profits as "obscene" and "almost criminal," arguing that Chevron and Exxon are "profiteering from a model of distraction, leaving ordinary people to pay the price with higher bills and devastating impacts such as these fires."

What's Next for Energy Prices and Policy

The confrontation between the White House and Big Oil raises fresh questions about the administration's energy strategy. While Trump has repeatedly ruled out an export ban on crude or petroleum products, analysts suggest that the option could be revisited if pump prices continue to climb. With midterm elections approaching, Trump's pressure on retailers and producers appears aimed at easing voter frustration over inflation.

Yet the fundamental tension remains: as long as global markets remain volatile due to geopolitical conflict, oil companies are likely to keep reporting extraordinary profits. Whether those windfalls are passed back to consumers or used to satisfy shareholder demands will be a defining issue in the months ahead. For now, Trump has put the industry on notice that he expects action — and he is prepared to use the full weight of his office to ensure compliance.