US oil firms made over $130 billion in profit during the Iran war, analysis finds
More than 50 large American oil and gas companies earned over $130 billion in profit in the six months from April to September 2026 — almost three times what they made in the same months last year. The figure comes from a New York Times analysis published on Friday, 30 October.
The same companies earned less than $47 billion in April to September 2025. The Times called its figure a conservative estimate: it leaves out March, the first month of the war, and October, and some third-quarter totals use analyst estimates for companies that had not yet reported their results.
The biggest names drove the surge. ExxonMobil reported $15.4 billion in profit for the third quarter, Chevron earned $9.9 billion, and Valero made $6.8 billion — more than six times its profit a year earlier. Shell’s profit more than doubled to $12.06 billion, and TotalEnergies’ more than doubled to $8.26 billion.
Households paid for it at the pump. Americans spent an extra $147 billion on petrol and diesel since the war began on 28 February, according to an analysis by Brown University’s Climate Solutions Lab cited by the Times. On Saturday, US Senator Chris Van Hollen said on X that oil companies had made “$130 BILLION in profit” while American households had paid “over $1,100 in extra fuel costs”.
Why it matters
Refiners did especially well because the war cut fuel-making capacity in the Middle East and Russia, so the companies still able to refine oil could charge far more. The numbers show how the cost of the war has fallen unevenly: record profits for oil companies, and higher fuel bills for ordinary drivers and businesses, including in Pakistan, where fuel prices follow world oil markets.
What happens next
The profits depend on the war continuing. US President Donald Trump has threatened to restart airstrikes on Iran after the midterm elections on Tuesday, 3 November, so the next few days will show whether the fighting — and the high fuel prices that go with it — continues or eases.
This article is for general information and education only. It is not legal or financial advice.
Sources
- https://clashreport.com/world/articles/us-oil-giants-nearly-triple-profits-to-over-130-billion-in-iran-war-nyt-reports-5ibstd16ifh (Clash Report, 30 October 2026)
- https://en.hathalyoum.net/articles/304209 (Hathalyoum, 31 October 2026)
- https://www.europesays.com/3344048/ (Europe Says, 31 October 2026)
