The&nbsp;biggest winners from the latest&nbsp;oil&nbsp;market turmoil&nbsp;may be the world's largest energy companies. But as&nbsp;profits&nbsp;surge, so does&nbsp;the political&nbsp;pressure. US President Donald Trump has launched a probe into alleged fuel price gouging, while European lawmakers are once again calling for windfall taxes on&nbsp;big&nbsp;oil. The second quarter is expected to be one of the strongest in years for global&nbsp;oil&nbsp;majors.&nbsp;After the closure of the Strait of Hormuz disrupted global&nbsp;oil&nbsp;flows, Brent crude briefly climbed above 100 dollars a barrel, pushing up crude and natural gas prices worldwide. Higher commodity prices are now expected to translate into bumper earnings for the world's largest&nbsp;oil&nbsp;companies, setting the stage for a record quarter across the energy sector.Analysts expect ExxonMobil to report between $16 and $19 billion in second-quarter profit, while Chevron's earnings are projected at nearly $10 billion.&nbsp;Also read: <a href="https://www.wionews.com/business-economy/china-s-110-billion-ai-pharma-boom-could-redefine-the-future-of-medicine-1784010211233">China's $110-billion AI pharma boom could redefine the future of medicine</a>&nbsp;This is more than three times their first-quarter results. US refiners, including Marathon Petroleum and Valero, are also expected to post their strongest&nbsp;profits&nbsp;in years. However, these gains have drawn&nbsp;political&nbsp;scrutiny. President Donald Trump has accused fuel retailers of keeping gasoline prices artificially high despite crude&nbsp;oil&nbsp;prices retreating and has ordered a federal investigation into possible price gouging.&nbsp;At the same time, some European lawmakers are demanding that&nbsp;oil&nbsp;companies contribute more towards climate adaptation measures. The&nbsp;oil&nbsp;industry argues that retail fuel prices do not move in lockstep with crude prices.Refiners say gasoline prices reflect multiple factors, including refining costs, fuel inventories, seasonal demand and supply disruptions. Companies also point to a time lag between changes in crude&nbsp;oil&nbsp;prices and prices at the pump.&nbsp;While gasoline prices in the United States have eased from their recent peaks, they remain higher than a year ago.As&nbsp;oil&nbsp;companies prepare to announce another quarter of exceptionally strong earnings, they also face growing&nbsp;political&nbsp;pressure over consumer fuel costs. This has emerged as a familiar cycle whenever geopolitical&nbsp;shocks send energy markets sharply higher.

Higher commodity prices are now expected to translate into bumper earnings for the world's largest oil companies, setting the stage for a record quarter across the energy sector.

The biggest winners from the latest oil market turmoil may be the world's largest energy companies. But as profits surge, so does the political pressure. US President Donald Trump has launched a probe into alleged fuel price gouging, while European lawmakers are once again calling for windfall taxes on big oil. The second quarter is expected to be one of the strongest in years for global oil majors. After the closure of the Strait of Hormuz disrupted global oil flows, Brent crude briefly climbed above 100 dollars a barrel, pushing up crude and natural gas prices worldwide. Higher commodity prices are now expected to translate into bumper earnings for the world's largest oil companies, setting the stage for a record quarter across the energy sector. Analysts expect ExxonMobil to report between $16 and $19 billion in second-quarter profit, while Chevron's earnings are projected at nearly $10 billion. Also read: China's $110-billion AI pharma boom could redefine the future of medicine This is more than three times their first-quarter results. US refiners, including Marathon Petroleum and Valero, are also expected to post their strongest profits in years. However, these gains have drawn political scrutiny. President Donald Trump has accused fuel retailers of keeping gasoline prices artificially high despite crude oil prices retreating and has ordered a federal investigation into possible price gouging. At the same time, some European lawmakers are demanding that oil companies contribute more towards climate adaptation measures. The oil industry argues that retail fuel prices do not move in lockstep with crude prices. Refiners say gasoline prices reflect multiple factors, including refining costs, fuel inventories, seasonal demand and supply disruptions. Companies also point to a time lag between changes in crude oil prices and prices at the pump. While gasoline prices in the United States have eased from their recent peaks, they remain higher than a year ago. As oil companies prepare to announce another quarter of exceptionally strong earnings, they also face growing political pressure over consumer fuel costs. This has emerged as a familiar cycle whenever geopolitical shocks send energy markets sharply higher.

Higher commodity prices are now expected to translate into bumper earnings for the world's largest&nbsp;oil&nbsp;companies, setting the stage for a record quarter across the energy sector.

Big oil profits meet political backlash

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Big oil profits meet political backlash