Oil industry profits are soaring: Earnings for 5 major Western oil companies are on track to surge to ~$44 billion in Q2 2026, the 3rd-largest quarterly total on record. The only quarters with larger profits were Q2 and Q3 2022, when oil prices exceeded $120/barrel. This comes as ExxonMobil, XOM, posted $14.7 billion in profit, its strongest quarter since Q3 2022. At the same time, Chevron, CVX, reported a record $12.1 billion quarterly profit, surpassing its previous high set in 2022. Meanwhile, Shell, SHEL, reported $9.8 billion in profit in Q2, its 2nd-largest quarterly profit in the company's history. Oil companies are cashing-in massive gains amid the Iran War.(The Kobeissi Letter)