Oil Giants Make Billions as Iran War Drives Up Energy Prices
Households across the globe are counting the costs of the Iran war. However, some companies have been counting bumper profits instead.
War Brings Bumper Profits for Some
The conflict has driven up the cost of living. It has also hit the budgets of firms, families, and governments. But while some have been pushed to the brink, others have seen record earnings. These companies either profit from war or benefit from volatile energy prices.
Oil and Gas Lead the Way
The biggest economic impact so far has been a surge in energy prices. Around a fifth of the world’s oil and gas passes through the Strait of Hormuz. Those shipments effectively stopped at the end of February. As a result, energy markets have seen a rollercoaster of price movements. Some of the world’s biggest oil and gas companies are benefiting. European oil giants are the main winners. Their trading arms have gained from sharp price movements. This has boosted their profits significantly.
