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00:03ExxonMobil signaled its second quarter earnings could get a roughly $5 billion boost from the
00:08previous quarter after oil prices spiked during the U.S.-Israeli war with Iran,
00:12and refining margins improved, according to Reuters.
00:16The Middle East conflict added a geopolitical risk premium to oil markets and virtually
00:20shut down the Strait of Hormuz for months. Benchmark Brent crude averaged $96.68 a barrel
00:27during the April to June quarter, up 23% from the first quarter. Oil prices reached $109.27 a
00:34barrel in April, their highest level since 2022. Exxon said upstream profit could rise by about
00:40$1.6 billion, while refining earnings could get a $2.6 billion lift from timing effects.
00:46War-related disruptions could reduce profit by about $1 billion.
00:51Exxon reports results on July 31. Analysts expect $15.7 billion in adjusted earnings.
00:57For all things money, visit Benzinga.com.
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