US oil companies see surging profits amid global energy shocks

US oil companies and refineries are experiencing a significant surge in profits driven by global energy supply disruptions. Conflicts in the Middle East involving Iran and Ukrainian strikes on Russian energy infrastructure have caused fuel prices, particularly diesel and gasoline, to rise faster than the cost of crude oil. This widening of crack spreads has dramatically increased refining margins.

Eight major US independent refiners are projected to earn approximately $32.4 billion over a two-quarter period, a substantial increase from the $6.8 billion earned during the same period last year. Additionally, major oil giants such as ExxonMobil and Chevron reported combined net profits of $26.5 billion for the second quarter of 2026, benefiting from the sharp rise in crude oil prices.