Exxon Sees $3.7 Billion Profit Surge From War-Driven Oil Rally
- ExxonMobil signaled its Q2 earnings could jump roughly $3.7B–$5B versus Q1 as Brent crude averaged $96.68/bbl in Q2 — a 23% jump from Q1 — driven by the U.S.–Iran war and stronger refining margins, per Bloomberg.
- The company reports full Q2 results July 31; the windfall underlines how directly major U.S. oil majors are benefiting from the Middle East conflict now driving energy prices.
- Rally comes as the U.S. formally revoked Iran's general license to sell oil on international markets Tuesday, tightening the supply backdrop.