Oil Majors Banked $130bn During the Iran War. Drivers Are Still Paying for It.

US oil and gas companies earned more than $130bn in profits during the war on Iran, according to a New York Times estimate based on the performance of 51 large US oil and gas firms over the six months from April through September. In the same period in 2025, those companies collectively earned less than $47bn.

The surge is concentrated among the majors. ExxonMobil's profits doubled year-over-year. Chevron's grew 180%. BP reported an 18-year high.

The war began in February 2026, when the US and Israel first struck Iran. As of Monday, the average price for a gallon of regular petrol in the US was $4.17 — down from recent highs, but still well above the $3.04 drivers paid a year earlier and the $2.98 recorded on February 28. Diesel remained elevated at $6.29 a gallon.

That gap — between what oil companies booked and what households pay — is now a live political issue. US midterm elections are underway, and the contrast between corporate windfalls and stubborn pump prices is difficult to miss. Any renewed fighting could push prices higher again.

Iran has proposed an accelerated ceasefire plan that officials in Tehran say could be implemented within two days. The seven-step proposal, put on the table last month, includes a swift reopening of the Strait of Hormuz and a return to talks over Iran's nuclear programme. Whether it takes effect remains uncertain.

What is not uncertain is the arithmetic of the past six months. The $130bn figure is an estimate, not an audited total, and it covers a defined set of large companies over a defined period.

For drivers, the question is simpler than the geopolitics. If the war is winding down, when does the relief at the refinery reach the forecourt?