Exxon Mobil Signals Higher Second-Quarter Earnings

July 7 (Reuters) – U.S. oil and gas major Exxon ​Mobil (XOM.N) signaled on Tuesday that changes in ‌oil prices would boost its second-quarter upstream earnings by $3.5 ​billion to $3.9 billion.

Benchmark Brent ​crude prices averaged at $93.58 ⁠a barrel during the ​April-June quarter, up 4.8% from ​the prior quarter.

The U.S.-Iran war injected a hefty geopolitical risk premium ​into oil markets ​and heightened fears of disruption in ‌supply ⁠through the Strait of Hormuz, which carries about a fifth of global oil ​flows. ​Brent climbed ⁠to $109.27 a barrel in April for the ​first time since 2022.

The ​industry ⁠bellwether had posted $5.7 billion in upstream earnings for ⁠the ​first quarter.

Reporting by ​Dharna Bafna in Bengaluru; Editing by ​Joyjeet Das and Maju Samuel

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