WASHINGTON — President Donald Trump lashed out at ExxonMobil and Chevron on Monday, accusing the two oil giants of making excessive profits from surging crude prices tied to the ongoing conflict with Iran and demanding they lower prices for American consumers.

Speaking to reporters at the White House during an executive order signing, Trump singled out both companies by name over their recently reported second-quarter earnings. "Chevron, too much money. ExxonMobil, too much money," Trump said, adding that the companies "better cut the retail price, the consumer price" and return some of their profits to the public.

Record profits amid a supply shock

Trump's comments followed second-quarter earnings reports last week that showed both companies posting sharply higher profits compared with the same period a year earlier. ExxonMobil reported earnings of $14.5 billion for the quarter, roughly double what it earned during the same period last year. Chevron reported $12 billion in quarterly profit, up from $2.5 billion a year earlier, marking a roughly 400% increase and the company's highest quarterly earnings in at least six years. Combined, the two oil majors posted $26.5 billion in second-quarter earnings.

"They're making too much money based on a shortage," Trump said, framing the profits as a direct consequence of the supply disruption caused by the conflict rather than normal market performance. "I don't like it."

Oil prices surge as the Strait of Hormuz remains contested

The earnings........

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