While families around the world are calculating the costs of the US-Israeli war in Iran, some companies are calculating exorbitant profits instead.
The uncertainty generated by the conflict and the effective closure of the Strait of Hormuz by Iran is driving up the cost of living and affecting everyone's budgets: businesses, families and governments, the BBC writes.
But while some were pushed to the brink of poverty, others saw record earnings.
Here are some of the sectors and companies making billions as the conflict in the Middle East continues.
Oil and gas
The biggest economic impact of the war so far has been an increase in energy prices. About a fifth of the world's oil and gas is transported through the Strait of Hormuz, but these shipments effectively stopped at the end of February.
The result was a roller coaster of energy market prices that benefited some of the world's largest oil and gas companies.
The main beneficiaries have been the European oil giants, which own trading subsidiaries and have thus been able to profit from sudden price fluctuations, which has led to increased profits.
British Petroleum's profits more than doubled to $3.2 billion in the first three months of the year after what the company said was an “outstanding” performance in its trading division.
Shell also beat analysts' expectations, reporting a rise in first-quarter profits to $6.92 billion.
Another international giant, TotalEnergies, saw its profits rise by almost a third to $5.4 billion in the first quarter of 2026, driven by volatility in the oil and energy markets.
US giants ExxonMobil and Chevron both saw earnings fall compared to the same period last year due to supply disruptions in the Middle East, but both companies beat analysts' forecasts and expect their profits to rise further as the year progresses, with oil prices still significantly higher than when the war broke out.
Big banks
Some of the biggest banks also saw their profits soar during the Iran war.
JP Morgan's trading division posted record revenues of $11.6 billion in the first three months of 2026, helping the bank post its second-highest quarterly profit ever.
At the rest of the “Big Six” banks – which include Bank of America, Morgan Stanley, Citigroup, Goldman Sachs and Wells Fargo, as well as JP Morgan – profits rose substantially in the first quarter of the year.
In total, banks reported profits of $47.7 billion in the first three months of 2026.
“High trading volumes have benefited investment banks, particularly Morgan Stanley and Goldman Sachs,” said Susannah Streeter, chief investment strategist at Wealth Club.
Major Wall Street lenders were boosted by a surge in trading demand, as investors rushed to shed riskier stocks and bonds and pile their cash into assets seen as safer. Trading volumes were also boosted by investors looking to take advantage of financial market volatility.
Streeter added: “Volatility sparked by the war led to an increase in trading as some investors sold stocks on fears of an escalation, while others embraced the decline, helping to fuel a rally.”
Defense
One of the most immediate beneficiaries of any conflict is the defense sector, according to Emily Sawicz, senior analyst at RSM UK.
“The conflict has accelerated investment in missile defense, counter-drone systems and military equipment in Europe and the US,” she told the BBC.
In addition to highlighting the importance of defense firms, the war creates the need for governments to replenish arms stocks, boosting demand.
BAE Systems, which makes components for the F35 fighter jet, said in a press release Thursday that it expects strong sales and profit growth this year.
It cited growing “security threats” around the world that are pushing up government defense spending, which in turn has created a “supportive context” for the company.
Lockheed Martin, Boeing and Northrop Grumman, three of the world's largest defense contractors, each reported a record order backlog at the end of the first quarter of 2026.
But shares of defense firms, which have risen sharply in recent years, have fallen since mid-March amid fears that the sector is overvalued.
Renewable sources
The conflict also highlighted the need to diversify away from reliance on fossil fuels, Streeter said.
This has “boosted interest in the renewable energy sector” even in the US, she said, where the Trump administration has popularized the slogan “drill, baby, drill”, encouraging greater use of fossil fuels.
Streeter said the war had led to investments in renewable energy being seen as increasingly important for stability and resilience to shocks.
One firm that has been boosted is Florida-based NextEra Energy, whose shares are up 17% so far this year as investors flock to its mission.
Danish wind power giants Vestas and Orsted also reported rising profits, underscoring how the fallout from the Iran war is also boosting renewable energy firms.
In the UK, Octopus Energy recently told the BBC that the war had caused a “huge change” in sales of solar panels and heat pumps, with sales of solar panels up 50% since the end of February.
Rising gasoline prices have also boosted demand for electric vehicles, with Chinese manufacturers in particular taking advantage of the opportunity.
