ExxonMobil posted second-quarter 2026 earnings of $14.53 billion, a 105% year-on-year increase, while Chevron nearly quadrupled its profit to $12.07 billion, up 385% from the same period last year. The combined $26.6 billion in quarterly profit was driven by Brent crude prices peaking above $112 per barrel due to supply chain disruptions from the ongoing US-Iran conflict. After a difficult first quarter with production losses and hedging losses totaling roughly $3.9 billion for Exxon alone, the surge in crude prices more than compensated for the volume shortfall. The exceptional earnings have reignited windfall tax discussions, with regulators scrutinizing the gains amid volatile global markets. Crypto investors are monitoring whether sustained triple-digit oil prices will influence Federal Reserve rate decisions, as energy costs continue to feed into broader inflation across transportation, manufacturing, and agriculture sectors.
Source: Read the original article
