War boosts profits in oil and defence
The ongoing US-Israel conflict involving Iran has not only disrupted global energy flows but also created significant financial gains for several major companies and industries. As the crisis pushes up global prices and increases economic uncertainty, some sectors are recording record profits despite the wider economic strain on households and governments. One of the clearest beneficiaries has been the global oil and gas industry. The conflict, combined with disruptions in the Strait of Hormuz—a key passage for around 20% of the world’s oil and gas trade—has triggered sharp volatility in energy markets. European energy companies in particular have seen strong gains due to their trading operations. BP reported profits of $3.2 billion in the first quarter, more than doubling its previous performance, driven largely by exceptional trading results. Similarly, Shell recorded $6.92 billion in quarterly profits, exceeding market expectations. Another […]