Exxon Mobil and Chevron reported significant declines in net profit in the first quarter, despite rising oil prices caused by the war in Iran.

Exxon Mobil and Chevron, the largest oil companies in the U.S., reported a decline in net profit in the first quarter, with a 45% drop for Exxon and 36% for Chevron, according to Bloomberg. This situation arose in the context of a sudden increase in oil prices, which rose by 57% following the U.S. and Israel attacks on Iran on February 28, causing the largest disruption to oil supply in history. Although oil prices had decreased in the early months of the year due to expectations of a surplus, the war dramatically changed the situation. Exxon warned that its production in the Middle East could decrease by 750,000 barrels per day if the Strait of Hormuz remains closed, and the volume processed by refineries will decrease by 3%. CEO Darren Woods mentioned that approximately 15% of Exxon's production is affected by the conflict, and the resumption of deliveries could take up to two months.