GLOBAL — Six months after the United States and Israel launched their war on Iran, the economic consequences of the conflict continue to spread across global markets, with disruption to energy supplies creating sharp gains for some oil companies while exposing other sectors to higher costs and uncertainty.
The conflict has triggered major turbulence in international energy markets, particularly after the closure of the Strait of Hormuz and attacks on energy infrastructure in Gulf countries. The resulting concerns over supply have pushed crude oil prices higher, creating an unexpected financial windfall for some of the world’s largest energy producers.
Although the war has placed significant pressure on parts of the global economy, companies positioned to benefit from higher oil prices have emerged among the clearest economic winners.
Oil companies emerge as major beneficiaries
The surge in oil prices has strengthened the earnings of several major international energy companies. Higher crude prices have increased revenues for producers and traders at a time when markets remain deeply concerned about the availability of supplies from the Middle East.
ExxonMobil, the largest oil company in the United States, reported a profit of $14.5 billion in the second quarter of the year. The result represented the company’s strongest quarterly earnings in four years.
Chevron, the second-largest US oil producer, also recorded a substantial increase, posting a $12 billion profit during the same period. According to the figures, that was its highest quarterly profit in six years.
The gains were not restricted to American energy companies. French oil major TotalEnergies reported $6 billion in profit between April and June, compared with $3.6 billion during the corresponding period a year earlier.
British energy companies Shell and BP also recorded major increases in their quarterly earnings. Shell reported a profit of $9.8 billion, while BP posted $5.73 billion. Both companies more than doubled their earnings compared with the same period the previous year.
The performance of the European companies was particularly notable because their businesses extend beyond simply producing crude oil. Their involvement in oil trading has allowed them to benefit from the extraordinary market conditions created by the conflict.
Ipek Ozkardeskaya, a senior analyst at Swissquote Bank, said European energy companies had performed even better than their US counterparts because their oil-trading operations also contributed to increased revenues.
The disruption to supplies has created risks for energy businesses, but the essential nature of oil means companies have greater capacity to pass higher costs through to consumers and markets.
“Supply shortages sure remain a risk for business, but energy is essential, and the companies are capable of raising prices to cover the revenue loss and make profit out of it,” Ozkardeskaya said.
The situation illustrates how geopolitical instability can produce sharply different economic outcomes. While disruption to energy supplies can increase costs throughout the global economy, companies controlling or trading scarce commodities can see their revenues and profits rise.
Gulf producers also benefit
The financial gains have also extended to major oil producers in the Middle East, despite the region being at the centre of the conflict and its wider security consequences.
Saudi Aramco, one of the world’s leading energy companies, recorded $33.4 billion in net profit in its most recent quarter. That represented an increase of about one-third compared with 2025.
The company’s performance underscores the importance of higher oil prices to major producing nations and energy corporations. As concerns over Middle Eastern supply disruptions push prices upward, producers with the ability to continue supplying international markets can benefit from stronger revenues.
The developments also demonstrate the uneven economic consequences of the war. For consumers, manufacturers and other industries that depend heavily on energy, higher oil prices can translate into increased operating and transportation costs. For major oil producers, however, the same price increases can produce substantially higher earnings.
The closure of the Strait of Hormuz has been particularly significant because of its importance to global energy markets. Combined with attacks on energy infrastructure in Gulf countries, the disruption has intensified fears about the availability of crude and contributed to the sharp rise in oil prices since the conflict began.
For oil companies, that environment has provided an opportunity to increase revenues and profits despite the broader economic instability created by the war.
The contrast between the experience of energy producers and other parts of the economy highlights one of the central effects of geopolitical conflicts on global markets: the same disruption that creates severe financial pressure for some businesses can generate extraordinary gains for others.
With the war continuing to affect energy supplies and prices six months after it began, oil producers remain among the clearest beneficiaries of the turmoil described in the available figures, while businesses and consumers exposed to elevated energy costs face a very different economic reality.
US-Israel War on Iran Creates Economic Winners and Losers as Energy Markets Reel
The view from the beach at Bandar Abbas in Iran, August 5, 2026 [Amirhosein Khorgooi/ISNA via AP]
