Trump: Oil firms making too much money from Iran-US conflict — I don’t like it
United States President Donald Trump has criticised major oil companies for earning excessive profits from the ongoing conflict between the US and Iran.
Speaking with journalists at the White House on Monday, Trump said the war had pushed up global oil prices, allowing energy companies to record unusually high earnings.
The president, who described himself as a strong supporter of free enterprise, said the level of profit being made by oil producers was unacceptable.
Trump predicted that oil prices would fall sharply after the US concludes its military campaign against Iran, insisting that companies such as ExxonMobil and Chevron should return some of their windfall earnings to consumers.
He also urged the firms to reduce retail fuel prices.
“Chevron, too much money. ExxonMobil, too much money,” Trump said.
“When you look at one company where they made 12 times what they made the year before, they’re going to give some of that back to the public.
“And they better cut the retail price, the consumer price. You’re surprised I’m saying it? I’ll say it loud and clear. I’m not happy about it.”
ExxonMobil reported a profit of $14.1 billion in the second quarter of 2026, more than double its earnings during the corresponding period of the previous year.
Chevron also posted a quarterly profit of $12 billion, its highest in about six years.
The surge in earnings followed a rise in crude oil prices linked to the US-Iran conflict and concerns over possible disruptions to global energy supplies.
In a report published on July 10, The Wall Street Journal identified Aliko Dangote, founder and chief executive officer of the Dangote Group, as one of the major beneficiaries of the crisis.
