The Iran war has led to a significant increase in profits for American oil companies, but ordinary families are bearing the burden of higher fuel costs.
The war in Iran, initiated by Trump, has allowed American oil companies to earn more money, but American households are also paying the price with higher fuel prices.
The New York Times reported that over 50 major American oil and gas companies collectively earned more than $130 billion in profits from April to September 2026, compared to less than $47 billion in the same period last year, nearly tripling from last year's figures.
Among them, ExxonMobil's net profit in the third quarter reached $15.4 billion, up from about $7.5 billion in the same period last year, while Chevron earned $9.9 billion, compared to about $3.5 billion last year.
The Iran war has affected energy production and transportation in the Middle East, also driving up global oil prices. American oil companies, even without producing in conflict zones, can sell at higher prices due to rising oil prices. Furthermore, the tight supply and rising prices of refined products like gasoline and diesel have allowed some American refining companies to earn greater profits.
However, for ordinary families, the increase in fuel prices translates to higher living costs. According to estimates from Brown University, from the start of the war on February 28 to the end of October, the additional expenditure on gasoline and diesel in the U.S. compared to a situation without war is about $147 billion, averaging over $1,100 per household based on the total number of households in America.
Moreover, rising fuel prices directly increase energy inflation, and after transportation and production costs for businesses rise, some of those costs might be passed on to the prices of food and other goods. If oil prices remain high for an extended period, it will also place sustained pressure on overall inflation in the U.S.
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