NEW YORK (AP) 鈥� Big oil companies continue to book massive profits as disrupts energy markets and sends oil and sharply higher.
Six of Europe鈥檚 largest oil companies posted combined first-quarter profits of $22 billion, more than 40% higher than last year. Profits at BP, based in London, more than doubled to $3.9 billion in the second quarter, the company said Tuesday.
And Saudi Aramco reported a 44% year-on-year increase in second-quarter net profit that reached $32.69 billion, driven by higher crude oil, refined products and chemicals prices.
The supercharged performances from big oil in Europe and the Middle East follow reports of from the largest U.S. oil drillers last week.
As the conflict has dragged on, of gasoline, jet fuel and diesel, which has led to higher shipping costs. In the West, filling up the car or buying a plane ticket is costing consumers more. But the situation in parts of Asia are more dire because the region depends more heavily on fuel exported through the Strait of Hormuz. Fuel supplies have run low in some countries, leading to rationing and sporadic closures of schools and government offices.
Despite oil prices falling to their lowest level in three weeks Tuesday, big U.S. energy companies drew the ire of President Donald Trump, who criticized them this week for their outsized profits.
Trump said he鈥檚 not happy with Chevron and Exxon Mobil, though energy prices skyrocketed only after the U.S. and Israel attacked Iran in late February, and the Strait of Hormuz was effectively closed off to tanker traffic.
About 20% of the world鈥檚 oil typically flows through the strait.
鈥淭hey made too much money, too much money,鈥� Trump said Monday. 鈥淭hey ought to give some of that back to the public, and they better cut the retail price.鈥�
Exxon Mobil on Friday reported that its second quarter profits doubled to $14.5 billion, boosted by record diesel production. The oil giant, based in Spring, Texas, brought in $116 billion in revenue, up 42%.
Chevron, based in Houston, nearly quadrupled its profits to $12 billion and revenue jumped 56% to more than $70 billion.
On Tuesday, the price of U.S. crude oil fell 5.4%, or $4.36, to $75.98 per barrel. The sharp decline followed comments by Treasury Secretary Scott Bessent, who told CNBC that the U.S. and Iran 鈥渕ay have a deal today or tomorrow to open the Strait.鈥�
Oil prices for U.S. crude are down from around $92 a barrel in late July, but still more than 13% higher than when the conflict with Iran started.
Brent crude, the international standard, fell 4.9% to $83.87 per barrel.
A resolution to the Iran conflict, which has lasted more than five months, could give oil shippers the ability to send vessels out of the Persian Gulf, where tankers of oil and other products have been .
Copyright © 2026 The Associated Press. All rights reserved. This material may not be published, broadcast, written or redistributed.
