Exxon Mobil Corporation (Exxon) and Chevron Corporation (Chevron) reported substantial declines in their quarterly earnings, despite a surge in oil prices, largely due to supply disruptions in the Middle East. Exxon's profits fell to $4.2 billion, down 46% from approximately $7.7 billion in the same quarter last year. Chevron's earnings dropped to $2.2 billion, a 37% decrease from about $3.5 billion in the previous year. Both companies, however, managed to surpass Wall Street's expectations. Exxon attributed its earnings drop to 'timing effects' and volume impacts in the Middle East, stating that excluding these factors would have resulted in a profit of $8.8 billion. Chevron reported unfavorable timing effects totaling about $3 billion for the quarter. The ongoing war in Iran has led to soaring oil prices, reaching levels not seen since 2022, although both companies' stock prices have fluctuated as geopolitical tensions evolve. Meanwhile, gas prices have risen significantly, currently averaging $4.39 per gallon, which adds to the financial pressures faced by American consumers amid concerns over inflation and slow job growth.