As households worldwide grapple with the financial impact of the US-Israel war in Iran, certain companies have reported substantial profits.
The conflict and Iran's effective closure of the Strait of Hormuz have driven up living costs, straining budgets of firms, families, and governments alike.
While many face economic pressure, some sectors and companies whose operations benefit from war conditions or volatile energy prices have recorded exceptional earnings.
Below is an overview of the industries and companies generating billions amid the ongoing Middle East conflict.
1. Oil and gas
The most significant economic effect of the war has been the surge in energy prices. Approximately 20% of the world's oil and gas passes through the Strait of Hormuz, which effectively ceased shipments at the end of February.
This disruption caused volatile price fluctuations in energy markets, benefiting some of the largest oil and gas companies globally.
European oil giants with trading divisions have notably profited from sharp price movements.
BP's profits more than doubled to $3.2bn (£2.4bn) in the first quarter of the year, attributing this to an "exceptional" performance in its trading division.
Shell exceeded analysts' expectations by reporting a first-quarter profit increase to $6.92bn.
TotalEnergies experienced a nearly 33% profit rise to $5.4bn in Q1 2026, driven by volatility in oil and energy markets.
US companies ExxonMobil and Chevron saw earnings decline compared to the previous year due to Middle East supply disruptions but surpassed analysts' forecasts and anticipate profit growth as oil prices remain elevated since the war's onset.
2. Big banks
Major banks have also benefited financially during the Iran conflict.
JP Morgan's trading division generated a record $11.6bn in revenue in Q1 2026, contributing to the bank's second-highest quarterly profit ever.
The other members of the "Big Six" banks—Bank of America, Morgan Stanley, Citigroup, Goldman Sachs, and Wells Fargo—also saw substantial profit increases in the first quarter.
Collectively, these banks reported $47.7bn in profits for Q1 2026.
"Heavy trading volumes have benefited investment banks, in particular Morgan Stanley and Goldman Sachs," Susannah Streeter, chief investment strategist at Wealth Club, said.
The surge in demand for trading was driven by investors shifting away from riskier stocks and bonds toward safer assets, alongside efforts to capitalize on financial market volatility.
Streeter added: "The volatility unleashed by the war has led to a surge in trading, as some investors sold stocks on fears of escalation, while others bought the dip, helping to fuel a recovery rally."
3. Defence
The defence sector is among the immediate beneficiaries of any conflict, according to Emily Sawicz, senior analyst at RSM UK.
"The conflict has reinforced gaps in air defence capability, accelerating investment in missile defence, counter drone systems and military hardware across Europe and the US," she told the BBC.
The war has underscored the importance of defence firms and increased government demand to replenish weapons stocks.
BAE Systems, a manufacturer of products including F35 fighter jet components, indicated in a recent trading update that it expects strong sales and profit growth this year.
The company cited rising "security threats" worldwide as driving increased government defence spending, creating a "supportive backdrop" for its business.
Lockheed Martin, Boeing, and Northrop Grumman—three leading defence contractors—each reported record order backlogs at the end of Q1 2026.
However, shares in defence firms, which have appreciated significantly in recent years, have declined since mid-March amid concerns of overvaluation.
4. Renewables
The conflict has also emphasized the need to reduce dependence on fossil fuels, according to Streeter.
"This has supercharged interest in the renewable sector" even in the US, she said, noting that the Trump administration had previously promoted increased fossil fuel use with the slogan "drill, baby, drill."
Streeter explained that the war has elevated renewable energy investment as critical for stability and resilience against shocks.
Florida-based NextEra Energy has benefited, with shares rising 17% this year as investors support its mission.
Danish wind power companies Vestas and Orsted have reported surging profits, demonstrating how the Iran war's consequences are also boosting renewable energy firms.
In the UK, Octopus Energy told the BBC that the conflict caused a "huge jolt" in solar panel and heat pump sales, with solar panel sales increasing by 50% since late February.
Additionally, rising petrol prices have increased demand for electric vehicles, with Chinese manufacturers particularly capitalizing on this opportunity.
