Donald Trump posted on Truth Social on August 3, 2026, predicting oil prices would fall once tensions with Iran are resolved, while ordering ExxonMobil and Chevron to immediately cut their retail gasoline prices. ExxonMobil posted $14.53 billion in profit for Q2 2026, more than double its year-over-year result, while Chevron reported $12.07 billion for the same period, nearly five times its year-ago figure. These record results come as American drivers were paying an average of $4.10 per gallon on August 1, 2026, with crude having reached nearly $96 per barrel amid the US-Iran conflict that began in late February 2026. Trump’s decision to suspend planned military strikes on Iran caused prices to drop roughly 5% almost instantly. Bitcoin also showed measurable sensitivity to the conflict developments, rising during de-escalation signals.
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