While families and businesses worldwide struggle with rising fuel costs and economic uncertainty caused by the ongoing U.S.-Israel conflict with Iran, several major global corporations are reporting record profits fueled by the crisis.
The war’s biggest economic shock has come through disruptions in the Strait of Hormuz, one of the world’s most critical oil shipping routes. With roughly 20 per cent of global oil and gas supplies affected, energy prices have surged sharply since late February, creating major winners across oil, banking, defence and renewable energy sectors.
Oil Giants Cash In on Energy Volatility
Some of the world’s largest oil companies have posted massive earnings as volatile markets boosted trading profits and oil prices climbed.
BP more than doubled quarterly profits to US$3.2 billion, driven largely by what the company called an “exceptional” trading performance.
Shell also exceeded expectations, reporting profits of nearly US$7 billion in the first quarter of 2026.
French energy giant TotalEnergies saw profits jump almost one-third to US$5.4 billion, benefiting heavily from unstable oil and gas markets.
Meanwhile, American energy corporations ExxonMobil and Chevron reported mixed results but still beat analyst expectations and forecast stronger profits later this year as elevated oil prices continue.
Wall Street Banks See Massive Trading Boom
The financial sector has also emerged as a major beneficiary of wartime uncertainty.
JPMorgan Chase generated a record US$11.6 billion in trading revenue during the first quarter of 2026, helping deliver one of the bank’s most profitable quarters ever.
Across Wall Street’s “Big Six” banks — including Goldman Sachs, Morgan Stanley, Citigroup, Bank of America and Wells Fargo — combined profits reached nearly US$48 billion.
Financial analysts say nervous investors rapidly buying and selling stocks, commodities and safer investments during the crisis created a major surge in trading activity and fees for large banks.
Defence Contractors Experience Record Demand
Military and defence companies have also seen booming business as governments move to replenish weapons systems and strengthen military readiness.
British defence company BAE Systems said growing global security threats are driving strong sales growth for missiles, fighter jet systems and defence technology.
American defence giants Lockheed Martin, Boeing and Northrop Grumman have all reported record order backlogs in 2026.
The conflict has reinforced demand for missile defence systems, drones, surveillance technology and military infrastructure across North America and Europe.
Renewable Energy Firms Also Gain Momentum
Ironically, the war has also accelerated investment into renewable energy as governments and consumers seek alternatives to unstable fossil fuel markets.
NextEra Energy has seen its stock surge as investors increasingly view renewable energy as essential for long-term energy security.
European wind energy firms Vestas and Ørsted also reported stronger profits linked to growing global interest in clean energy.
At the consumer level, rising fuel prices have boosted demand for electric vehicles and home solar systems. British energy supplier Octopus Energy reported a sharp rise in sales of solar panels and heat pumps following the outbreak of the conflict.
As geopolitical instability continues to reshape global markets, the war is exposing a harsh economic reality — while millions struggle with inflation and rising living costs, some industries are experiencing one of the most profitable periods in years.