Iran War: These Companies Have Earned Billions Amid Economic Challenges

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The war initiated by the United States and Israel in Iran has caused a rise in expenses for households worldwide, yet some companies have capitalized on the situation. The uncertainty caused by the conflict and Iran’s blockade of the Strait of Hormuz has not only escalated daily costs for individuals but has also forced governments, private companies, and families to cut back on spending. However, not everyone has suffered losses. The fluctuations in fuel prices triggered by the war have generated record profits for energy traders. Here we highlight some of the businesses and companies that have recorded the highest gains since the Middle East conflict began.

1. Oil and Gas

The most significant impact of the Iran conflict has been on energy prices, particularly fuel. Approximately 20 percent of the world’s oil and gas is transported via the Strait of Hormuz. Due to the war, all shipping services through this route were halted from late February onward, creating an immediate effect on the fuel market. The sudden price surge has led to substantial profits for major global oil and gas companies. Among Europe’s largest oil traders, British BP’s profits doubled in the first quarter of the year, surpassing 3 billion US dollars. Another British firm, Shell, reported profits near 7 billion dollars for the same period. France’s TotalEnergies saw a one-third increase in profits, reaching 5.4 billion US dollars during the first three months of 2026. The turmoil in the oil and energy markets contributed to these gains. In contrast, American companies Exxon Mobil and Chevron experienced declines in first-quarter profits compared to last year. Disruptions in supply chains across the Middle East have limited their earnings, though analysts predict profits will rise by the end of the year.

2. Major Banks

Several of the world’s largest banks have also increased profits despite the ongoing war in Iran. In the first quarter of 2026, JP Morgan’s trading division earned 11.6 billion US dollars, making this the bank’s second-highest quarterly profit to date. The first quarter has seen profit growth among the six largest banks globally: Bank of America, Morgan Stanley, Citigroup, Goldman Sachs, Wells Fargo, and JP Morgan. Collectively, these banks achieved 47.7 billion US dollars in profits during this period. “High trading volumes have benefited investment banks, particularly Morgan Stanley and Goldman Sachs,” says investment strategist Susanna Streeter from the Wealth Club.

3. Arms Manufacturers

According to Emily Savich, senior analyst at UK-based consultancy RSM, defense companies producing and selling weapons are among the first to profit during wartime. “Conflict exposes gaps in defense capabilities, leading to increased investment across Europe and the United States in missiles, drone systems, and military equipment,” she explains. The importance of defense firms becomes apparent in times of war, encouraging governments to build up their arsenals. BAE Systems, which manufactures components for the F-35 fighter jet, has projected increases in both sales and profits this year.

4. Renewable Energy Sector

Strategist Streeter also notes that the war has underscored the need to reduce dependence on fossil fuels. The conflict has accelerated public interest in renewable energy in the United States. Former President Donald Trump had previously promoted fossil fuel extraction, but the war has highlighted the significance of investing in renewables as a means to maintain stability during crises. As more investors turn to renewable energy, shares of NextEra Energy, based in Florida, have risen by 17 percent this year. Danish wind energy companies Vestas and Orsted have also reported profit increases. These trends demonstrate that while the war has caused economic difficulties, renewable energy firms are experiencing upward momentum.