Energy stocks surge on Iran war oil boom; Exxon profits double, Chevron up 400%

ExxonMobil profits doubled to $14.5B and Chevron net income jumped nearly 400% on war-driven oil prices. US crude averaged over $92 in Q2, up 27% quarterly. Defence and energy indices outperformed broader markets while gold rallied on safe-haven demand. Further conflict could sustain crude strength but crowded positioning risks sell-the-news reversals.