The war with Iran has been very lucrative for American oil companies, which have earned more than $130 billion in profit as people pay much higher prices for gasoline, diesel and other fuel.

That is a conservative estimate based on the performance of more than 50 large U.S. oil and gas companies, most of them producers or refiners, in the six months from April through September. It does not reflect profits earned in March, the first month of the war, or in October.

These companies earned less than $47 billion collectively during the same period in 2025, a challenging stretch when oil was cheaper and companies were navigating the early fallout from President Donald Trump’s trade war.

The blockbuster oil profits this year highlight long-standing concerns about who gains, and who pays the price, when wars interrupt the flow of energy. As of this week, Americans had spent an extra $147 billion on gasoline and diesel since the United States and Israel began striking Iran on Feb. 28, according to an analysis by Brown University’s Climate Solutions Lab. That amounts to more than $1,100 per household.

Some companies are benefiting more than others. U.S. refiners have fared especially well because fuel-making plants have been badly damaged by hostilities in the Middle East and Russia. With fewer refineries available to meet global demand, profit margins soared for those that remain online.

The wartime boom has extended to American producers, most of which are reaping greater income from higher prices without having to contend with the danger or cost of operating in conflict zones.

Exxon Mobil and Chevron, the biggest U.S. oil companies, reported their highest third-quarter earnings in years Friday, buoyed by their refining businesses. Exxon’s profit more than doubled. Chevron’s almost tripled.

“We certainly acknowledge that the higher fuel prices put pressure on families and businesses,” Neil Hansen, Exxon’s chief financial officer, said in an interview. “But this is one of those situations and type of business where you can’t invest your way out of these conditions overnight. The decisions that matter today were made years ago.”

Dozens of other U.S. oil companies will report third-quarter results in the coming weeks.

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This article originally appeared in The New York Times.

By: Rebecca F. Elliott and Keith Collins/Micah Green

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