Chevron rides the Iran war oil premium behind Buffett's 7% stake

CVX has been a direct winner of the war's oil premium the Buffett wallet holds at 7%. Chevron just posted its highest quarterly profit in six years, with Q2 earnings of $12.1 billion as Brent averaged $104 and refining margins jumped. The $330B import bill is the flip side of oil majors' gains. Watch for downside if a ceasefire reopens Hormuz and crude falls.