Who profited from the war in Iran and how much: key figures
10 May 10:17
While households around the world are counting the costs of the U.S.-Israeli war in Iran, some companies are instead raking in huge profits, writes "Komersant Ukrainian", citing the BBC.
The uncertainty caused by the conflict and Iran’s de facto closure of the Strait of Hormuz are driving up the cost of living and hitting the budgets of businesses, families, and governments.
But while some are on the brink, others—whose core businesses are more profitable during wartime or who benefit from volatile energy prices—are seeing record profits.
Here are some sectors and companies making billions as the conflict in the Middle East continues.
1. Oil and Gas
The biggest economic impact of the war against Iran has been the rise in energy prices. About one-fifth of the world’s oil and gas is transported through the Strait of Hormuz, but those shipments effectively stopped at the end of February.
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This resulted in a rollercoaster of price fluctuations in energy markets, from which some of the largest oil and gas companies benefited.
The main beneficiaries were international oil giants with trading divisions, which were able to profit from sharp price fluctuations, leading to increased earnings.
BP’s profit for the first three months of the year more than doubled to $3.2 billion following what the company called “exceptional” performance from its trading division.
Shell also exceeded analysts’ expectations, reporting a first-quarter profit of $6.92 billion.
Profits at another international giant, TotalEnergies, rose by nearly a third to $5.4 billion in the first quarter of 2026, driven by volatility in the oil and energy markets.
Profits for U.S. giants ExxonMobil and Chevron fell compared to the same period last year due to supply disruptions from the Middle East, but both exceeded analysts’ forecasts and expect further profit growth throughout the year, given that oil prices remain significantly higher than at the start of the war.
As the Financial Times reported, U.S. fuel exports have risen to record levels as Europe and Asia rely on American energy supplies to offset the shortage of energy shipments from the Middle East.
According to the latest data from the U.S. Energy Information Administration, more than 8.2 million barrels of refined fuel per day, including gasoline, diesel, and jet fuel, were shipped from the U.S. abroad last week—more than 20% higher than during the same period last year.
The rise in overseas purchases is driving windfall profits for U.S. energy companies, which could see an additional $60 billion in cash flow this year if energy prices remain high.
2. Major Investment Banks
Some of the largest banks have also seen their profits rise during the war in Iran. JP Morgan’s trading division generated a record $11.6 billion in revenue during the first three months of 2026, helping the bank achieve its second-largest quarterly profit in history.
Among the rest of the “Big Six” banks—which include Bank of America, Morgan Stanley, Citigroup, Goldman Sachs, and Wells Fargo, as well as JP Morgan—profits rose significantly in the first quarter of the year.
In total, the banks reported $47.7 billion in profits for the first three months of 2026.
“Heavy trading volumes benefited investment banks, particularly Morgan Stanley and Goldman Sachs,” says Suzanne Stritter, chief investment strategist at Wealth Club.
Major Wall Street traders strengthened their positions thanks to rising demand for trading, as investors rushed to divest from riskier stocks and bonds and began investing their funds in assets considered safer. Trading volumes also rose due to investors seeking to capitalize on volatility in financial markets.
Streeter added: “The volatility caused by the war has led to a surge in trading, as some investors sold stocks fearing an escalation, while others bought stocks on the dip.”
3. The Defense Sector
According to Emily Savich, a senior analyst at RSM UK, one of the most immediate beneficiaries of any conflict is the defense sector.
“The conflict has exposed gaps in air defense capabilities, accelerating investment in missile defense, anti-drone systems, and military equipment across Europe and the U.S.,” she told the BBC.
In addition to highlighting the importance of defense companies, the war is also creating a need for governments to replenish their weapons stockpiles, which is driving up demand.
BAE Systems, which manufactures products including components for the F-35 fighter jet, stated in its trading update that it expects significant growth in sales and profits this year.
The company’s analysts point to rising “security threats” worldwide, which are driving up government defense spending, creating a “favorable backdrop” for the industry.
Lockheed Martin, Boeing, and Northrop Grumman, the world’s three largest defense contractors, reported record order backlogs at the end of the first quarter of 2026.
But shares of defense companies, which had surged in recent years, have fallen since mid-March amid concerns about the sector being overvalued.
4. Renewable Energy
The conflict has underscored the need for diversification and a move away from dependence on fossil fuels, says Stritter.
According to her, the war against Iran “has heightened interest in the renewable energy sector” even in the U.S., where the Trump administration promoted the slogan “drill, baby, drill,” which encourages greater use of fossil fuels.
Stritter said the war has led to investments in renewable energy being viewed as increasingly important for stability and resilience to shocks.
One of the companies that has received support is Florida-based NextEra Energy, whose shares have risen 17% since the start of the year as investors believe in its “new era” energy mission.
Danish wind energy giants Vestas and Orsted have also reported rising profits, highlighting that the war in Ukraine has served as a catalyst for renewable energy companies.
In the UK, Octopus Energy recently told the BBC that the war has caused a “huge surge” in sales of solar panels and heat pumps, with panel sales up 50% since late February.
Rising gasoline prices have also boosted demand for electric vehicles, with Chinese manufacturers taking full advantage of this opportunity.
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