President Trump’s withdrawal from an international nuclear deal with Iran sparked dismay among U.S. allies this spring, but his strategy has proved a lucrative one for the shareholders who own oil companies such as ExxonMobil and Chevron.

On Friday, both producers credited higher crude prices, which began rising after the U.S. halted purchases from Iran and pressured other countries to do the same, as drivers of third-quarter earnings that topped Wall Street expectations by wide margins.