US oil giants Exxon and Chevron see profits drop amid Iran war disruptions

Despite soaring crude prices due to the US-Israeli war with Iran, Exxon Mobil and Chevron reported lower profits in the latest quarter. The conflict has caused significant delays in oil and gas flows, with many barrels stuck in the Persian Gulf and delivery disruptions impacting sales. Even after the Strait of Hormuz reopens, it will take months for supply chains to normalize, continuing to affect these companies' earnings in the near term.