ExxonMobil and Chevron reported record second-quarter profits driven by rising oil prices linked to the Iran war. Chevron posted net income of $12 billion, a nearly 400% increase from $2.5 billion in the same quarter last year. Exxon reported profits of $14.5 billion, doubling from approximately $7.1 billion in the same quarter last year. U.S. crude oil averaged $92.45 per barrel in Q2, a 27% increase over the previous quarter. Chevron’s U.S. production hit a record high of around 2 million barrels per day as exports surged due to supply disruptions in the Middle East.
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