The war involving Iran is generating enormous profits for some of the world’s largest oil and gas companies, even as consumers and businesses face rising fuel and energy costs.
According to an analysis by environmental organization Global Witness using data from energy research firm Rystad Energy, the world’s 100 largest oil and gas companies earned an estimated $23 billion in additional profits during the first month of the conflict alone.
The report estimates that if oil prices remain elevated throughout 2026, those extra profits could rise to as much as $234 billion by the end of the year.
The analysis was originally reported by The Better News.
Oil prices surge after outbreak of war
Global oil prices climbed sharply after the conflict intensified, with average prices reaching around $100 per barrel in March — roughly $30 higher than before the war began.
That increase has boosted revenues across the global energy industry, particularly for major oil-producing nations and multinational energy corporations.
Saudi state-owned oil giant Saudi Aramco is projected to receive the largest windfall, with an estimated $25.5 billion in additional profits this year.
Russian energy companies, including Gazprom, Rosneft and Lukoil, are also expected to benefit substantially from higher oil prices.
Western energy companies have seen major gains as well.
According to the analysis, ExxonMobil could generate around $11 billion in additional war-related profits this year, while Chevron and Shell are also projected to receive billions in extra earnings.
Consumers face higher fuel and energy costs
While energy companies benefit from rising prices, households and businesses worldwide continue facing higher transportation and heating costs.
Several governments have introduced temporary fuel-tax reductions or price-control measures in an attempt to ease pressure on consumers.
The report notes that fossil-fuel import costs within the European Union have already increased by roughly €22 billion since the start of the war.
Some European governments are now discussing new windfall taxes on energy companies.
Finance ministers from Germany, Spain, Italy, Portugal and Austria recently called on the European Commission to consider coordinated taxes targeting extraordinary profits earned during the crisis.
Supporters argue the money could help offset higher living costs and reduce pressure on public finances.
Long-running criticism of war profiteering
Large profits earned during geopolitical crises have long generated criticism from consumer groups, economists and political leaders.
Critics argue that energy companies often benefit financially from global instability while ordinary households absorb the economic consequences through higher gasoline, electricity and food prices.
The issue has also intensified debate over energy independence and renewable energy investment.
Fatih Birol described recent disruptions as one of the largest shocks ever experienced by global energy markets, while United Nations climate officials have warned that dependence on fossil fuels can leave economies vulnerable during international conflicts.
Supporters of renewable energy argue that countries relying less heavily on imported oil and gas may be better protected from future price shocks caused by wars and geopolitical instability.
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