Exxon (XOM) and Chevron (CVX) Report Massive Profits Amid Iran Conflict

President Donald Trump stated that ExxonMobil (XOM) and Chevron (CVX) have made excessive profits due to rising crude oil prices connected to the Iran conflict. Chevron's earnings rose nearly 400% to $12 billion from $2.5 billion a year earlier, while Exxon's profits more than doubled to $14.5 billion compared to $7.1 billion previously. U.S. crude oil prices increased about 20% following military actions on February 28. Following Trump's comments, Chevron's shares fell over 2%, and Exxon's shares dropped about 1%. This indicates potential market pressure on these stocks as concerns over oil pricing emerge for consumers and investors.