Woofun AI reports that ExxonMobil and Chevron are projected to record Q2 net profits of $15 billion and $9.7 billion respectively, totaling approximately $24.7 billion. This combined figure represents more than a threefold increase compared to the previous quarter, driven by Middle East tensions and rising energy costs. Refining firms Marathon Petroleum and Valero Energy are also anticipated to post near-year-high earnings.

In response to sustained high gasoline and diesel prices, Trump has intensified pressure on the energy sector to reduce costs. He has directed the U.S. Department of Justice to investigate whether oil companies are engaging in price gouging. Analysts indicate that as midterm elections approach, elevated oil prices are exacerbating U.S. inflation concerns, potentially escalating the conflict between the administration and major oil producers.