US crude prices fell below $80 for much of the day Monday as oil traders factored in a potential deal to reopen the Strait of Hormuz. But even as reports of imminent peace deals or attacks jolt oil markets, fuel prices at US gas stations have remained high. Late last week, US oil companies Exxon and Chevron reported their biggest profits in years.

On today’s Big Take podcast, oil reporter Mitchell Ferman joins host Sarah Holder to explain why oil companies are built for global conflict.

Read more: 
Big Oil Set to Reap Profit Bonanza From Soaring Fuel Prices
Exxon, Chevron Steer Windfall Profits Into Paying Down Debt

We have a special Bloomberg subscription offer for podcast listeners at Bloomberg.com/podcastoffer.

Hosted by Sarah Holder; Produced by Laura Newcombe; Reported by Mitchell Ferman; Edited by Jeffrey Grocott. Fact-checking by Rachael Lewis-Krisky and Victor Swezey; Engineering by Emma Munger. Senior Producer: Naomi Shavin; Deputy Executive Producer: Julia Weaver. Executive Producer: Nicole Beemsterboer.

US crude prices fell below $80 for much of the day Monday as oil traders factored in a potential deal to reopen the Strait of Hormuz. But even as reports of imminent peace deals or attacks jolt oil markets, fuel prices at US gas stations have remained high. Late last week, US oil companies Exxon and Chevron reported their biggest profits in years.
On today&rsquo;s Big Take podcast, oil reporter Mitchell Ferman joins host Sarah Holder to explain why oil companies are built for global conflict.
Read more:&nbsp;
<ul>
<li><a href="https://www.bloomberg.com/news/articles/2026-07-22/big-oil-set-to-reap-profit-bonanza-from-soaring-fuel-prices">Big Oil Set to Reap Profit Bonanza From Soaring Fuel Prices</a></li>
<li><a href="https://www.bloomberg.com/news/articles/2026-07-31/exxon-chevron-steer-windfall-profits-into-debt-reduction-ms917v1o">Exxon, Chevron Steer Windfall Profits Into Paying Down Debt</a></li>
</ul>
We have a special Bloomberg subscription offer for podcast listeners at <a href="https://www.bloomberg.com/subscriptions/podcasts">Bloomberg.com/podcastoffer.</a>
Hosted by Sarah Holder; Produced by Laura Newcombe; Reported by Mitchell Ferman; Edited by Jeffrey Grocott. Fact-checking by Rachael Lewis-Krisky and Victor Swezey; Engineering by Emma Munger. Senior Producer: Naomi Shavin; Deputy Executive Producer: Julia Weaver. Executive Producer: Nicole Beemsterboer.

The Big Take from Bloomberg News brings you inside what’s shaping the world's economies with the smartest and most informed business reporters around the world. The context you need on the stories that can move markets. Every afternoon.

The Big Take from Bloomberg News brings you inside what’s shaping the world's economies with the smartest and most informed business reporters around the world. The context you need on the stories that can move markets. Every afternoon.

Big Take

Big Oil’s Big Wartime Profits

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/ebc26041-5790-4a3f-af5c-b49b0161c7ad/transcript