Chevron and Exxon rake in profits thanks to diesel prices boosted by Iran and Russia conflicts

As of October 30, 2026, Chevron and ExxonMobil reported significant profits during the third quarter, with ExxonMobil earning $15.4 billion, nearly doubling its earnings compared to the same period last year. These companies benefited from higher oil prices resulting from disruptions in supply due to the ongoing conflict between the US and Iran since February 2026. The conflict has driven up global diesel prices, leading these firms to maximize profits by running their refineries at full capacity. Despite the benefits for oil giants, American consumers are experiencing financial strain as fuel costs rise, with median households spending an additional $856 more on gasoline since the war began. The Trump administration's measures to lower gas prices, including relaxing rules for dyed diesel and lifting sanctions against Russia to increase global supply, have not yet alleviated consumer pain significantly.