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Aramco's oil facility in Jeddah, Saudi Arabia, on March 21, 2021 (local time). / AP-Yonhap

Global oil companies posted strong second-quarter results even as international oil prices remained volatile amid the fallout from the U.S.-Iran war.

According to CNN on the 4th (local time), Saudi Arabia's state oil company Aramco reported second-quarter net profit of $33.4 billion, up 33% year-on-year.

ExxonMobil posted net profit of $14.5 billion, more than double the same period last year, while Chevron's net profit more than quadrupled to $12.1 billion. Shell reported net profit of about $10 billion, its second-highest quarterly result ever. Supply uncertainty stemming from geopolitical risk has worked in favor of oil exporters.

Energy market observers see this as another instance of a familiar pattern — supply-demand imbalances and concerns over supply chain disruption pushing up prices, which in turn boosts profits for oil producers. CNN noted this echoes the situation during Russia's 2022 invasion of Ukraine, when then-President Joe Biden labeled energy companies' war-driven profits as "war profiteering" and considered imposing a windfall profits tax.

President Donald Trump, speaking to reporters in the Oval Office the day before, expressed displeasure, saying oil companies are making too much profit. He called the current situation "not good" and urged the oil industry to lower prices for consumers.

Analysts attribute these remarks partly to the U.S. midterm elections, now just three months away. With recent polls suggesting gains for the opposition Democratic Party, rising gasoline prices in the U.S. following the war with Iran — adding to household cost-of-living pressures — are becoming a growing political burden for Republicans.

Rahul Choudhary, vice president at energy consultancy Rystad Energy, said Aramco's strong results were driven largely by expanded exports of high-value products like diesel and sales from existing stockpiles, but added that such profitability is unlikely to be sustainable going forward as those stockpiles are drawn down.

                                                                                                         Lee Jeong-eun