President Donald Trump criticized ExxonMobil and Chevron for earning substantial profits from higher oil prices during the conflict involving Iran, saying the companies had made "too much money" from supply disruptions.
He urged both firms to lower retail fuel prices and pass some of their gains on to consumers.
According to the companies' latest earnings reports, Chevron's second-quarter profit rose to $12 billion from $2.5 billion a year earlier, while ExxonMobil's earnings increased to $14.5 billion from $7.1 billion.
The increase has been driven in part by concerns over disruptions to oil shipments through the Strait of Hormuz.
Following Trump's remarks, shares of Chevron and Exxon declined as broader oil prices also fell on hopes that U.S.-Iran negotiations could ease regional tensions.
Related Tweet:
Trump says Exxon and Chevron made 'too much money' off high oil prices during Iran conflict: 'I don't like it' https://t.co/Gq8GKmDG7E
— CNBC (@CNBC) August 3, 2026
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