Exxon and Chevron beat estimates

Energy titans Exxon Mobil and Chevron have reported first-quarter revenue that exceeded Wall Street expectations, despite a general decline in profits.

The results were heavily influenced by the war in Iran, which has driven global oil prices to four-year highs while simultaneously disrupting supply chains.

Both companies have resisted pressure from the Trump administration to significantly boost domestic production, opting instead to maintain their current capital expenditure plans.

Executives warned that the full market impact of the Strait of Hormuz closure has yet to be realized.