New Delhi, Oct. 31 -- Two US oil giants, ExxonMobil and Chevron, both beat analyst expectations for quarterly profit on Friday as domestic gasoline prices surged amid supply constraints caused by the ongoing conflicts in the Middle East and the Russia-Ukraine war. The closure of the Strait of Hormuz and recent attacks on refineries in Saudi Arabia and Russia have knocked out fuel-making capacity, sending refining margins sky-high for the American companies.

According to Reuters, for the first time in at least six years, Exxon, the largest US oil producer by market capitalization, has been earning more from refining than from exploration and drilling. Chevron's third-quarter downstream earnings also reached their highest point over the sa...