HOUSTON, July 7 (Reuters) - U.S. oil and gas major Exxon

Mobil ( XOM ) signaled on Tuesday that its second-quarter

earnings could see a boost of about $5 billion compared to the

previous quarter, as oil prices spiked during the U.S.-Israeli

war with Iran and the company's refining margins also improved.

Investors scrutinize Exxon's earnings snapshot for signals on

how oil firms will perform when they release second-quarter

results. The conflict in the Middle East that began in February

injected a hefty geopolitical risk premium into oil markets. For

months, it virtually shut down the Strait of Hormuz, which

carries about a fifth of global oil flows.

Benchmark Brent crude had an average closing price of

$96.68 per barrel during the April-June quarter, up 23% from the

first three months of the year. Prices climbed to $109.27 a

barrel in April for the first time since 2022.

Exxon's upstream segment could see profits lifted by about $1.6

billion, according to the midpoint of estimates provided by the

company.

Earnings from refining could see a lift of about $2.6 billion

due to so-called timing effects, according to Exxon's regulatory

filing on Tuesday.

Exxon took a multi-billion dollar hit in the first quarter due

to financial hedging related to physical deliveries of cargoes.

It said at the time that the positions would unwind and lead to

profitability in subsequent quarters.

Disruptions due to the war could hurt second-quarter profit

across the upstream and downstream units by about $1 billion,

the filing showed.

The company will report second-quarter results on July 31.

Analysts expect Exxon to report $15.7 billion in adjusted

earnings for the quarter, according to consensus analyst

estimates compiled by LSEG, about triple first quarter earnings.

This could raise eyebrows among Americans feeling pain at the

pump. U.S. President Donald Trump has pressed oil companies to

do more to lower gasoline prices.