The US-Israel war with Iran has delivered bumper profits for major oil, banking and defense companies, even as the conflict and Iran’s effective closure of the Strait of Hormuz drive up costs for households, governments and businesses worldwide, the BBC reported.
The largest gains have come in energy markets, where disruption to shipments through the Strait of Hormuz, a route for about a fifth of the world’s oil and gas, has sent prices swinging sharply.
European oil majors have benefited most because of their large trading arms, which profit from volatility.
BP’s first-quarter profits more than doubled to $3.2 billion after what it called an “exceptional” performance in trading, while Shell reported profits of $6.92 billion and TotalEnergies posted a nearly one-third rise to $5.4 billion.
US oil giants ExxonMobil and Chevron reported lower earnings than a year earlier because of supply disruptions from the Middle East, but both still beat analysts’ forecasts and expect stronger profits as oil prices remain well above prewar levels.
Major banks have also gained from market turbulence caused by the Iran war.
JP Morgan’s trading arm reported a record $11.6 billion in revenue in the first quarter, helping deliver the bank’s second-biggest quarterly profit. Across the six largest US banks, profits reached $47.7 billion in the first three months of 2026.
Defense companies have also benefited as the war pushes governments to restock weapons and expand investment in air defense, missile defense, counter-drone systems and other military hardware.
BAE Systems – a major British supplier of fighter jet components, naval systems and military technology – said it expects strong sales and profit growth this year, citing rising global security threats and increased defense spending. Lockheed Martin, Boeing and Northrop Grumman each reported record order backlogs at the end of the first quarter.
The war has also boosted parts of the renewable energy sector, as higher fuel prices and energy insecurity accelerate interest in alternatives.
NextEra Energy shares have risen 17% this year, while Vestas and Orsted reported stronger profits. In the UK, Octopus Energy said solar panel sales had risen 50% since the end of February.
