July 7 (Reuters) – U.S. oil and gas major Exxon Mobil 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)
