Trump Slams Chevron CEO, Demands Immediate Reduction in US Fuel Prices United States President Donald Trump has once again criticized oil companies for failing to lower gasoline prices for American consumers, directly targeting Chevron’s chairman and CEO, Mike Wirth, for not acknowledging his administration’s role in revitalizing the oil industry. The president’s remarks come amid rising fuel costs and growing political pressure as the November midterm elections approach. Trump accused Wirth of overlooking the “genius, foresight, strength, and stability” of his administration, which he claims saved the oil sector from collapse. He demanded that Chevron and other companies “get your consumer (retail!) Oil Prices DOWN, NOW!” The controversy follows a sharp surge in petrol prices since the start of the US-Israel war on Iran on February 28. Trump has repeatedly asserted that fuel costs will “come down like a rock” once the conflict ends, but economists warn of long-term economic consequences from the war. Oil prices have fluctuated dramatically, dropping 5% on Monday to $82.91 per barrel for Brent crude—a decline of nearly 18% from its peak of $101 in July. This drop followed Trump’s announcement that new negotiations with Iran are imminent, citing “perimeters of a deal” agreed upon with Qatar, Saudi Arabia, and the United Arab Emirates. Trump claimed the negotiations would include the “Immediate, Complete, and Total OPENING OF THE HORMUZ STRAIT” and an end to Iran’s nuclear threat. However, Iran’s Foreign Ministry spokesman, Esmaeil Baghaei, stated that Iranian negotiators are only discussing the Strait of Hormuz’s management with Oman, with no talks or planned meetings with the US. This contradiction mirrors previous disputes over the status of negotiations, highlighting the lack of clarity in diplomatic efforts.#iran #donald_trump #hormuz_strait #mike_wirth #us_israel_war_on_iran
Exxon and Chevron Report Lower Q1 2026 Profits Amid Iran War Impact The two largest U.S. oil companies, Exxon Mobil and Chevron, reported significantly lower profits in the first quarter of 2026 compared to the same period last year, despite a sharp rise in global oil prices driven by the ongoing conflict with Iran. The companies’ financial performance was heavily impacted by unfavorable timing of their hedging strategies, which were designed to mitigate price volatility but instead exacerbated losses due to the sudden and severe disruption of oil supplies. While both companies beat Wall Street’s earnings expectations, their net income declines underscore the challenges posed by the geopolitical crisis. Oil prices surged by 57% in the quarter following the U.S. and Israeli military strikes on Iran on February 28, which triggered the largest oil supply disruption in history. However, this surge did not translate into substantial profits for Exxon or Chevron. Exxon’s net income dropped 45% year-over-year to $4.2 billion, or $1.00 per share, while Chevron’s profit fell 36% to $2.2 billion, or $1.11 per share. The companies attributed these declines primarily to the adverse effects of their financial hedges, which were executed before the war began but proved costly as oil prices spiked unexpectedly. Exxon’s earnings were further complicated by a $4 billion loss from unfavorable hedging positions, which the company described as a “timing effect.” The issue stemmed from the fact that the product shipments hedged during the quarter were not yet delivered, so their value was not recognized in the financial results. Additionally, Exxon recorded a $700 million charge from closed hedges that could not be offset by physical deliveries due to the Middle East disruption.#iran_war #strait_of_hormuz #exxon_mobil #chevron #mike_wirth
