From oil giants to banks - these companies are making billions from Iran war

Major oil firms, banks, and defense contractors are posting surging profits amid the US-Israel war in Iran, even as the conflict drives up global living costs [1]. The effective closure of the Strait of Hormuz to oil shipments at the end of February has triggered volatile energy prices, benefiting companies with large trading operations [1]. BP's first-quarter profits more than doubled to $3.2bn, while Shell's rose to $6.92bn [1]. Investment banks have also capitalized on market turbulence, with JP Morgan's trading arm generating a record $11.6bn in revenue in the first three months of 2026 [1]. Overall, the 'Big Six' US banks reported $47.7bn in profits for the quarter [1]. Defense spending is accelerating as the conflict exposes security gaps [1]. BAE Systems expects strong sales and profit growth this year, and major US contractors like Lockheed Martin report record order backlogs [1]. Concurrently, the war has intensified focus on energy security, boosting renewable energy firms [1]. NextEra Energy's share price is up 17% this year, and UK-based Octopus Energy reported a 50% jump in solar panel sales since late February [1].