WASHINGTON, USA – American oil companies have seen their profits almost triple during the conflict involving the United States, Israel and Iran, according to a New York Times report. Meanwhile, rising energy costs are creating a political challenge for President Donald Trump’s Republican Party ahead of next week’s midterm elections.
The reported windfall is based on results from more than 50 US oil and gas companies. Their combined profits reached about $130 billion between April and September 2026, compared with less than $47 billion during the same period last year. The estimate excludes March and October.
The increase coincided with an estimated $147 billion in additional gasoline and diesel costs for Americans since US and Israeli strikes against Iran began on February 28, according to research cited by the New York Times.
Exxon Mobil and Chevron were among the biggest beneficiaries. Exxon’s third-quarter profit more than doubled from a year earlier, while Chevron’s almost tripled. Both companies recorded their strongest third-quarter earnings in years, supported by higher refining profits.
US refineries have benefited from damage to processing facilities in the Middle East and Russia, which reduced global fuel production and increased profit margins for plants that remained operational. US producers have also gained from higher oil prices without facing the same operational risks in conflict zones.
European energy companies have also reported stronger results. Shell and TotalEnergies both recorded sharply higher third-quarter profits, helped by exceptional refining margins and disruption to global energy supplies.
The gains for energy companies contrast with the pressure on consumers. US petrol prices reached an average of $4.29 per gallon on October 26, according to figures cited by the Associated Press. Trump described higher fuel costs as a “small price to pay” to prevent Iran from obtaining nuclear weapons.
Fuel prices are also a significant issue for voters ahead of the November 3 midterm elections. A Gallup survey conducted from October 1 to 19 found that 42% of registered voters considered gas prices extremely important to their vote. The figure was higher than Gallup’s previous midterm reading of 32% in 2006.
