US oil firms made $130bn in profit during the Iran war as household bills surged
According to Al Jazeera, US oil and gas firms earned more than $130bn in profit from April to September; Americans spent an extra $150bn on fuel, over $1,150 per household.
According to an Al Jazeera analysis, US oil companies earned more than $130bn in profit during the war on Iran — from April to September 2026 — while consumers paid much more for key commodities.
Profits nearly tripled
In the same period last year, before the US–Israel war on Iran when oil prices were lower, the companies collectively earned less than $47bn. During the war the average oil price reached $90 a barrel (close to the roughly $100 level of 2022). ExxonMobil reported quarterly profit of $15.4bn (up from $7.5bn a year earlier) and Chevron $9.9bn (up from $3.5bn).
Household costs
According to Brown University's Climate Solutions Lab, Americans have spent an extra $150bn on petrol and diesel since the war began on 28 February — more than $1,150 per household. Valero Energy reported third-quarter profit of $6.83bn (a sixfold increase) and Phillips 66 a record quarterly $5.62bn.
Global impact
The World Bank expects commodity prices to rise 23% in 2026. The UN Food and Agriculture Organization (FAO) said world food prices rose 1.5% in September. Geoffrey Miller of Gulf States Insights noted that the war created the largest supply-side shock to global oil and refined-products markets in years.
Analyst's view
Crude producers gain from higher oil prices, while refiners capture exceptional margins.
— Naser al-Tamimi, analyst at ISPI
