UPDATE 1-Exxon Mobil signals higher second-quarter earnings

Exxonmobil Holdings Corporation
U.S. OIL & GAS PLC

Exxonmobil Holdings Corporation

XOM

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U.S. OIL & GAS PLC

USOPY

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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 LCOc1 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.


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