How US oil firms profit $130bn from Iran war as household bills surge

What the report says

Al Jazeera reports that major US oil and gas companies have taken in more than $130bn in profits during the war on Iran, even as households face sharply higher energy and living costs. The article says the estimate, attributed to The New York Times, covers 51 large US oil and gas firms over the six months from April through September, and is far above the under-$47bn total in the same period a year earlier.

The piece says ExxonMobil and Chevron were among the biggest winners, with each reporting profits in the tens of billions, while refiners such as Valero Energy and Phillips 66 also posted unusually strong results. Al Jazeera says higher crude prices, tighter fuel supplies, disrupted shipping through the Strait of Hormuz, and damage to energy infrastructure in the Middle East and Russia helped boost margins for US-based producers and refiners.

At the same time, the story highlights the cost to consumers. It cites a Brown University analysis saying Americans have spent an extra $150bn on petrol and diesel since the war began on February 28, equal to more than $1,150 per household. The article says the price spike has intensified political debate in the US over who benefits from the conflict and who bears the burden.

Al Jazeera adds that analysts expect volatility to continue unless there is a durable political settlement between Washington and Tehran, while broader disruptions could also affect food and other commodity prices.