Exxon Stock Jumps 3.3% as Oil Supermajors Post Record $48 Billion Quarter Amid Political Backlash

Exxon Mobil shares rose 3.3% as oil supply fears resurfaced, capping a period in which the five major oil supermajors, Exxon, Chevron, BP, Shell, and TotalEnergies, posted a combined $48 billion in second-quarter profit and nearly $90 billion in cash, an all-time high. The surge was driven by higher fossil fuel prices tied to US-Iran hostilities, which sent Brent crude to $138 per barrel on April 7 during the Strait of Hormuz disruption before it retraced to the high $60s in early July. Crude has since recovered to near $89 per barrel, stoking expectations that a larger move higher may be underway.

The windfall has drawn sharp political fire, with President Trump publicly accusing Exxon Mobil and Chevron specifically of making too much money, amplifying growing calls from lawmakers and environmental groups for windfall profit taxes on the industry.