Iran war drives record oil earnings as Exxon, Chevron report Friday

US oil producers and refiners are posting triple-digit earnings gains on war-driven crude and fuel prices. ExxonMobil and Chevron report Q3 results Friday, with analysts expecting earnings to more than double. WTI is at $100 a barrel, up 64% year over year. Valero, Phillips 66 and HF Sinclair have already reported earnings jumps of 553%, 459% and 382% respectively. US drivers are paying $4.27 a gallon for regular gasoline, up 40% from last year. US crude exports hit 966 million barrels in the first seven months of 2026, up nearly 19%, with record diesel and gasoline exports to Europe. Experts warn prices are 'artificially high' and question where exports will come from once strategic stockpile releases end.