US President Donald Trump has criticised major oil companies for making what he described as excessive profits from the ongoing Iran-US conflict, saying he wants fuel prices reduced for consumers.
Speaking to journalists at the White House on Monday, Trump said soaring oil prices linked to the conflict had allowed energy companies to earn more than they should.
“They’re making too much money. Based on a shortage, they’re making too much money. I don’t like it,” Trump said, despite describing himself as a strong supporter of free enterprise.
He added that oil prices would “drop through the floor” once the United States had concluded its operations involving Iran. Trump specifically named Chevron and ExxonMobil, arguing that some oil companies had recorded profits far beyond previous years.
“When you look at one company where they made 12 times what they made the year before, they’re going to give some of that back to the public,” he said. “And they better cut the retail price, the consumer price.”
His comments came days after ExxonMobil reported second quarter 2026 profits of $14.1 billion, more than double the figure recorded a year earlier. Chevron also posted a quarterly profit of $12 billion, marking its strongest earnings in about six years.
The remarks follow earlier reports that elevated global oil prices triggered by tensions between the United States and Iran have boosted profits across the energy sector. The Wall Street Journal previously reported that Dangote Group President Aliko Dangote had emerged as one of the major beneficiaries of the crisis due to the strategic position of the Dangote Refinery.
The story was first reported by TheCable, citing Trump’s remarks at the White House and recent financial results released by ExxonMobil and Chevron.
