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 major player, TotalEnergies, also benefited from market volatility, with profits rising by nearly one-third to $5.4 billion in early 2026. In contrast, US-based firms such as ExxonMobil and Chevron saw slightly lower year-on-year earnings due to supply disruptions, although both still outperformed analysts’ expectations.
The banking sector has also experienced strong financial gains. Major global banks reported a sharp rise in trading activity as investors reacted to uncertainty in global markets.
JPMorgan Chase recorded $11.6 billion in trading revenue in just three months, helping it achieve one of its strongest quarterly performances. Across the major US banks—including Bank of America, Morgan Stanley, Citigroup, Goldman Sachs, and Wells Fargo—combined profits reached approximately $47.7 billion for the quarter.
Analysts say the surge was driven by high trading volumes, as investors shifted funds toward safer assets or sought to profit from rapid market fluctuations caused by geopolitical tensions.
The defence industry has also benefited significantly from the conflict. Increased military spending, especially on air defence systems, missile technology, and surveillance equipment, has boosted demand for defence contractors in both Europe and the United States.
Companies such as BAE Systems have reported strong sales growth, supported by rising government defence budgets. Major US defence contractors including Lockheed Martin, Boeing, and Northrop Grumman have also reported record order backlogs, reflecting sustained global demand for military equipment.
However, despite strong fundamentals, defence sector shares have recently experienced some declines due to concerns that valuations may have risen too quickly in recent years.
At the same time, the crisis has accelerated interest in renewable energy as governments and investors look to reduce dependence on fossil fuels. Energy insecurity and price volatility have strengthened the case for alternative energy sources.
Companies such as NextEra Energy have seen strong investor demand, with share prices rising significantly this year. European wind energy firms like Vestas and Ørsted have also reported improved performance, reflecting growing global interest in renewable infrastructure.
In the United Kingdom, Octopus Energy reported a surge in demand for solar panels and heat pumps, with sales increasing sharply in recent months. Meanwhile, higher fuel prices have also contributed to growing interest in electric vehicles, particularly among manufacturers in China.
Overall, while the conflict continues to create economic pressure worldwide, it is also reshaping investment flows and strengthening profits in sectors able to benefit from volatility and energy market disruptions.
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