You know big oil is taking us for a ride when one of their biggest allies, Donald Trump, is telling them to rein in their profiteering. The numbers explain why. The world's eight largest listed oil companies amassed nearly $93 billion in profits in just three months\u2014more than $1 billion a day\u2014 as the Iran conflict sent energy prices soaring.<\/p>\n
The data, collected by The Guardian, suggests the eight oil companies \u2013 Aramco, BP, Shell, Equinor, TotalEnergies, Eni, Chevron and ExxonMobil \u2013 made more than $700,000 of profit every minute over the spring quarter.<\/p>\n
The record earnings drew so much scrutiny that President Donald Trump publicly rebuked ExxonMobil and Chevron, saying the biggest US oil companies were "making too much money."<\/p>\n
The sudden surge in profit came after the US-Iran conflict sent shockwaves through global energy markets. As fighting intensified and US President Donald Trump weighed military action against Iran, fears grew that Tehran might retaliate by disrupting oil shipments through the Strait of Hormuz, a vital chokepoint for about a fifth of the world's oil trade. Owing to this, crude prices went up to $126 per barrel, allowing oil companies to earn far more per barrel they produce and sell.<\/p>\n
Source: U.S. Energy Information Administration (EIA). At the height of the Iran conflict, Brent crude briefly surged to around $126 a barrel; however, prices eased later in June as supply concerns subsided.<\/p>\n
However, the oil industry continues to defend its profits. Mike Sommers, president of the American Petroleum Institute, speaking to Bloomberg Television, said that oil companies do not control prices and argued that strong profits are needed to fund future investments.<\/p>\n
\u201cThis industry is a price taker, not a price maker,\u201d Sommers said. \u201cBecause the Strait of Hormuz has been shut down for basically five months, we are, of course, going to be dealing with higher prices at the pump.\u201d<\/p>\n
During the interview, however, he credited Trump with creating conditions that boosted the sector.<\/p>\n
Sanchari Ghosh is an Assistant Editor at Mint with over 12 years of experience in journalism, specialising in personal finance, DLT & DeFi, geopolitics and foreign policy, with a particular emphasis on how these areas intersect. <br>
\nShe writes extensively about how money works in everyday life\u2014helping readers navigate personal finance decisions. <br>
\nAs AI reshapes investing behaviour, capital is increasingly flowing into decentralized ecosystems, redefining how assets are managed, traded, and valued. She focuses on explaining how money flows within frameworks like Distributed Ledger Technology (DLT), DeFi protocols, and crypto markets\u2014while also exploring what the future of money could look like in a trustless, programmable financial world. <br>
\nShe also focuses on immigration-related issues, simplifying complex topics around visas, passports, overseas financial planning, and the many practical challenges Indians face while moving or living abroad. <br>
\nAlongside personal finance, Sanchari has a strong understanding of international politics, contemporary and historical conflicts, and global state decisions. She closely tracks how geopolitical developments influence economies, markets, and individual financial choices, bringing together finance and global affairs in her reporting. <br>
\nShe began her career as a desk editor, which gave her a strong foundation in news writing. Over time, her interest naturally shifted toward personal finance. Before joining Mint in 2020, she worked DNA, The Times of India, Outlook Money, BloombergQuint, and ETMoney. At Mint, she got an opportunity to expand her coverage to include immigration and geopolitical developments while continuing to closely follow personal finance trends and market movements.As a journalist, she is committed to accuracy, intellectual rigour, and fairness. <br>
\nShe is an English Major and her work took her across cities including Delhi, Mumbai, and Pune. Living independently from an early age gave her firsthand experience in managing life and money on her own. This practical exposure sparked her strong interest in personal finance. <br>
\nOutside the newsroom, Sanchari is a sports enthusiast who regularly plays lawn tennis and squash. In her younger years, she was also a national-level badminton player.<\/p>\n
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