Report
US oil firms reap $130bn from war on Iran as bills surge
US oil and gas companies earned more than $130bn in profits during the war on Iran, according to an estimate by The New York Times, while American households spent an extra $150bn on gasoline and diesel, Brown University's Climate Solutions Lab found. Analysts said damage to Persian Gulf and Russian energy infrastructure and disruption in the Strait of Hormuz drove the gains, with prices likely to stay high until a political settlement.
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The New York Times estimate was described as conservative and was based on the performance of 51 large US oil and gas companies from April through September. In the same period in 2025, those companies earned less than $47bn. ExxonMobil and Chevron reported profits of $10bn to $15bn, while Valero’s third-quarter profit rose to $6.83bn and Phillips 66 posted record net income of $5.62bn, up from $133m a year earlier, according to the report.
Analysts cited in the report said US crude producers benefited from higher oil prices and refiners from tighter fuel supplies after damage to energy infrastructure in the Middle East and Russia and disruption to shipments through the Strait of Hormuz. The report said Iran retaliated against the US-Israeli attack with missiles and drones at GCC states and that Iranian officials said they were targeting US military facilities; ACLED, a conflict monitor, recorded at least 172 attacks on nonmilitary infrastructure across the six GCC members. It also said Iran effectively blocked most vessels through the Strait of Hormuz and the US imposed a naval blockade on Iranian oil and gas.
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