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Fri, 20 Mar 2026

Fri, 20 Mar 2026 The global winners and losers of the war in Iran

As the conflict triggers economic disruption some risk being hit hard, while others stand to benefit.

* The war in the Middle East is causing financial disruption and economic fallout worldwide, but its impact varies greatly from country to country.
* Gulf producers like Qatar and Saudi Arabia are being targeted by Tehran's retaliation, while Norway and Canada may gain from increased demand for their oil supplies.
* Russia could be the biggest winner, with estimates suggesting it could earn up to $5bn more in crude oil sales to India by the end of March.
* The US is likely to lose out, despite President Trump's claims that it will make money from higher oil prices. American producers are exposed to disruption in the Middle East and can't quickly ramp up output.
* The reliance on imported gas means European consumers and those in the UK risk a greater hit to growth via inflation if oil prices surge.
* Government responses, including bailouts and bond market changes, will play a crucial role in mitigating the impact of the war on economies worldwide.