The conflict began on February 28, 2026, when the US and Israel launched a war on Iran. Since then, Iran shut down the Strait of Hormuz, sending shockwaves through global markets.
While millions are feeling the pain, these four industries are counting massive gains.
1. Oil and Gas Companies — The Biggest Winners
The most dramatic impact of the war has been a massive spike in global energy prices. The Strait of Hormuz carries roughly one-fifth of the planet’s oil and gas supply. When Iran shut it down in late February, energy markets went into a frenzy.
European oil giants with large trading operations were best positioned to profit from this chaos. British oil company BP saw its profits more than double to $3.2 billion in just the first three months of 2026. Shell reported quarterly profits of $6.92 billion, while France’s TotalEnergies posted profits of $5.4 billion — a jump of nearly one-third.
American giants ExxonMobil and Chevron saw earnings dip due to supply disruptions. However, both companies still beat analyst expectations. They are confident profits will climb higher as oil prices remain well above pre-war levels.
2. Big Banks — Profiting From Market Chaos
When wars break out, financial markets become highly volatile — and volatility is pure gold for major banks. JP Morgan’s trading division posted a record-breaking $11.6 billion in revenue in just the first quarter of 2026. This pushed the bank to its second-highest quarterly profit in history.
The other five of America’s “Big Six” banks — Bank of America, Morgan Stanley, Citigroup, Goldman Sachs, and Wells Fargo — also reported huge profit increases. Together, all six banks earned a combined $47.7 billion in profit in just three months.
Investors rushing to exit risky assets and move into safer ones created a massive surge in trading volumes. Other investors bought stocks at lower prices, fuelling a recovery rally. Both movements filled the banks’ pockets enormously.
3. Defence Companies — Record Order Books
The war has exposed serious weaknesses in air defence systems across Europe and the US. This has accelerated investment in missile defence, counter-drone technology, and military hardware. Governments are also racing to replenish weapons stockpiles depleted by the conflict.
UK-based BAE Systems announced it expects strong growth in both sales and profits this year. The company pointed to rising global security threats and increased government defence budgets as key drivers.
America’s three biggest defence contractors — Lockheed Martin, Boeing, and Northrop Grumman — all reported record order backlogs at the end of the first quarter of 2026. Demand for their weapons systems has never been higher.
4. Renewable Energy — An Unexpected Boost
The war has given an unexpected push to the renewable energy sector. With oil and gas prices at painful highs, governments are now more motivated than ever to reduce dependence on fossil fuels.
Analysts suggest this conflict could accelerate investment in solar, wind, and other clean energy sources. Countries want to protect themselves from future energy shocks caused by geopolitical conflicts.
This shift could permanently change how the world powers itself in the coming decades.
| Read more Trump Insists Ceasefire with Iran Remains Intact Despite Gunfire Exchange in the Strait of Hormuz |
The Big Picture — War Has Winners and Losers
The Iran war is a painful reminder that in times of global conflict, wealth does not disappear — it simply moves. While households across the UK, Pakistan, Europe and beyond face higher energy bills and rising costs, oil companies, banks and weapons manufacturers are posting record profits.
The question now being asked by economists and ordinary citizens alike is simple. Should companies making billions from war be forced to pay more in taxes to help those who are suffering?
It is a debate that is only just beginning.
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