WASHINGTON/NEW YORK — American oil and gas companies earned more than $130 billion in profits during the first six months of the war on Iran, even as consumers worldwide faced sharply higher energy costs, according to an analysis released Thursday. The figure, based on the performance of 51 large US oil and gas companies from April through September, contrasts with under $47 billion earned in the same period of 2025 before the conflict began.
The war, which began on February 28, triggered a major supply-side shock to global oil and refined products markets. Damage to Middle Eastern and Russian refineries, disrupted Strait of Hormuz shipments, and sanctions-related trade frictions intensified global shortages. Relatively secure US facilities and access to discounted crude strengthened these gains, analysts said.
ExxonMobil and Chevron, the biggest US oil companies, reported profits between $10 billion and $15 billion each on Friday. While considerable, these gains generally remained below 2022 levels when Russia's invasion of Ukraine caused oil prices to soar. American refining companies also reaped greater profits as global fuel supplies tightened, with Valero Energy's third-quarter profit increasing more than sixfold to $6.83 billion and Phillips 66 announcing its highest quarterly profit on record at $5.62 billion.
The profit surge has coincided with a significant increase in living costs for consumers. Americans have spent an extra $150 billion on petrol and diesel since the war began, averaging more than $1,150 per household according to Brown University's Climate Solutions Lab. The disparity has fueled a political debate, with Democratic Representative Jim McGovern stating: "We're not making a 'freaking fortune,' we're PAYING a 'freaking fortune.'"
The United Nations Food and Agriculture Organization reported world food commodity prices rose 1.5 percent in September, reaching their highest level since late 2022, amid adverse weather and trade disruptions in the Black Sea and Strait of Hormuz. The World Bank projected commodity prices would rise 23 percent this year, as disrupted grain shipments and the El Nino weather phenomenon also threaten harvests and food affordability.
Iran retaliated against the US-Israeli attack by launching missiles and drones at Gulf Cooperation Council states, carrying out at least 172 attacks on nonmilitary infrastructure across the six member states, including energy infrastructure. Iran effectively blocked passage of most vessels through the Strait of Hormuz, prompting the US to impose a naval blockade on Iranian oil and gas. A more recent escalation in fighting between Saudi Arabia and the Houthis has further compounded the crisis, with the Bab al-Mandeb strait — a key oil export route for Saudi Arabia — now a theatre of war.
Analysts warned that continued volatility persists until a durable political settlement is reached. High oil prices risk harming economic growth prospects and could contribute to reduced demand, potentially accelerating the transition to renewable energy. A diplomatic settlement could ease prices, whereas renewed attacks risk triggering another regional war, further disrupting Hormuz and prolonging shortages.
The data underscores the divergent impact of the conflict: while US-based operators benefit from structural advantages in the current market environment, consumers around the world face sustained price pressure across oil, transport fuels, gas, electricity and food.
