Iran’s closure of the Strait of Hormuz, through which about a fifth of the world’s oil and gas passes, caused a shock in energy prices and raised costs for families, companies, and governments, while oil, gas, trading, and arms companies saw an opportunity to make significant gains.
In the energy sector, major European oil companies emerged at the forefront of beneficiaries, especially those with trading arms. BP’s profits more than doubled, recording $3.2 billion in the first quarter of this year, supported by a performance that the company described as “exceptional” in the trading department.
Shell also exceeded analysts’ expectations, after recording profits amounting to $6.92 billion, while Total Energies’ profits jumped to $5.4 billion in the first quarter of 2026, benefiting from fluctuations in the oil and energy markets.
As for the United States, the profits of “ExxonMobil” and “Chevron” declined compared to the same period last year due to supply disruptions from the Middle East, but the two companies remained above analysts’ expectations, with oil prices continuing at higher levels than they were before the war.
Banks were not far from the profit wave. JPMorgan recorded revenues of $11.6 billion in the first quarter of 2026, achieving the second largest quarterly profitability in its history. Major American banks, including Bank of America, Morgan Stanley, Citigroup, Goldman Sachs, and Wells Fargo, also achieved total profits of approximately $47.7 billion during the same period.
In the defense sector, the war has increased demand for air defense systems, anti-drone missiles, and military equipment, as governments seek to replace their stocks. BAE Systems announced expectations of strong growth in sales and profits, while major companies such as Lockheed Martin, Boeing, and Northrop Grumman witnessed a record demand for orders during the first quarter of 2026.
The crisis has also prompted some investors to look again at renewable energy as a way to reduce dependence on fossil fuels. Companies such as Next Era Energy, Vestas, and Orsted benefited, while Octopus Energy announced a 50 percent increase in solar panel sales since the end of February.
With the rise in fuel prices, the demand for electric cars has also increased, and Chinese companies have been among the most prominent beneficiaries of this transformation. (BBC)
