BackECONOMY
The companies making billions from the Iran war
The Iran war has coincided with volatility in energy markets and financial trading, yielding bumper profits for energy majors, banks, and defense contractors in early 2026. Q1 results show European oil giants, U.S. banks, and defence firms benefiting from price swings and higher government spending, while renewables gain attention as a longer-term hedge.
Why It Matters
The earnings reflect how geopolitical conflicts can reshape profits across sectors, influencing energy policy, financial markets, and defense spending—with broad implications for households and governments.
Timeline
8 Events
Renewables investment seen as important for stability
May 8, 2026
Analysts highlighted a shift toward renewable investment as a response to energy shocks, with commentary noting renewables gaining traction amid calls for resilience to shocks.
Renewables, NextEra Energy and wind firms benefit from energy volatility
May 8, 2026
NextEra Energy shares rose about 17% in 2026 as investors back its renewables mission, while Danish wind power companies Vestas and Orsted reported surging profits amid energy-market volatility linked to the conflict.
BAE Systems signals strong defence growth in 2026
May 7, 2026
BAE Systems said in a trading update on Thursday it expects strong growth in sales and profits this year, citing rising security threats and higher government defence spending.
Big Six banks post higher Q1 2026 profits
March 31, 2026
Across JPMorgan, Bank of America, Morgan Stanley, Citigroup, Goldman Sachs and Wells Fargo, profits rose in the first quarter of 2026, totaling $47.7bn for the group.
JPMorgan trading arm hits record Q1 2026 revenue
March 31, 2026
JP Morgan's trading arm generated a record $11.6bn in revenue in the first three months of 2026, contributing to the bank's overall second-biggest quarterly profit.
ExxonMobil and Chevron Q1 2026 earnings dip but beat forecasts
March 31, 2026
ExxonMobil and Chevron saw profits fall compared with the same period last year due to Middle East supply disruption, but both beat analysts' forecasts and expect further growth as oil prices stay higher.
BP, Shell and TotalEnergies report Q1 2026 profits boosted by energy market volatility
March 31, 2026
BP profits more than doubled to $3.2bn for the first three months of 2026; Shell profits rose to $6.92bn; TotalEnergies profits increased to $5.4bn, driven by volatility in oil and energy markets.
Hormuz disruption drives energy volatility as February ends
February 29, 2026
The article notes that Iran-related conflict and the effective closure of the Strait of Hormuz led to a halt in shipments toward the end of February, contributing to volatility and rising energy prices.