Companies across the oil and gas, banking, defense, and renewable energy sectors are reporting substantial profit increases as the ongoing conflict in Iran, and the resulting disruption to the Strait of Hormuz, drive global economic uncertainty and volatility. This surge in earnings contrasts sharply with the rising cost of living and strained budgets faced by households and many businesses worldwide. The conflict, which effectively halted shipments through the vital waterway at the end of February, has created a complex economic landscape where some industries thrive on instability.
Oil and Gas Giants See Profits Surge
The most immediate economic consequence of the Iran conflict has been a dramatic spike in energy prices. With approximately one-fifth of global oil and gas passing through the Strait of Hormuz, its closure significantly impacted supply chains. This volatility has proven lucrative for major oil and gas corporations, particularly European firms with sophisticated trading divisions.
BP reported its profits more than doubled to $3.2 billion in the first quarter of 2026, attributing the
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