Exxon, Chevron, and other US oil and gas producers and refiners hit all-time-high stock values amid Iran war while consumers pay the price

Nepali consumers wait in line carrying empty LPG cylinders as they rush to gas depots to refill them as growing tensions in West Asia halt the supply in Kathmandu, Nepal, on March 12, 2026. People wait for hours hoping to refill their gas cylinders. While some manage to purchase filled cylinders, many others return empty-handed as supplies remain limited. The disruption follows the escalating conflict involving the United States, Israel, and Iran, which heightens tensions across the Gulf region. Shipping through the Strait of Hormuz, a key maritime route bordering Iran, the United Arab Emirates, and Oman, is also affected by the conflict, disrupting the transport of gas and petroleum products. The impact is now felt in markets around the world. (Credit: Getty Images)

The market capitalization values of Exxon Mobil, Chevron, and a bevy of other U.S. oil and gas producers, refiners, and exporters surged to all-time highs this week amid the Iran war and fears of growing fuel and power costs and shortages worldwide.

The stock prices of the American Big Oil giants are up about 30% this year as global oil spiked to $100 per barrel—the highest since after Russia invaded Ukraine. But liquefied natural gas (LNG) prices also have skyrocketed, as have refining profit margins for gasoline, diesel, and jet fuel. So there are big winners throughout the industry, from Exxon to LNG exporters Cheniere Energy and Venture Global to refiners such as Valero Energy, Marathon Petroleum, and Phillips 66.