Chevron posts largest quarterly profit ever and Exxon income surges as Iran war squeezes oil supply

Chevron reported a record $12.1 billion quarterly profit, while ExxonMobil and Shell achieved their highest earnings since 2022 due to global oil supply disruptions from the Iran war. Companies are benefiting from high crude prices, record refining margins, and reduced competition from China's oil exports, with Chevron planning increased investments in Iraq despite Middle East instability.