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Fri, 08 May 2026

Fri, 08 May 2026 From oil giants to banks - these companies are making billions from Iran war

Through surging profits or soaring share prices, the war has been a boon for some firms.
Sectors and Companies Making Billions from Iran War
* Energy companies: + BP: Profits more than doubled to $3.2bn (£2.4bn) for the first three months of 2026 + Shell: Beat analysts' expectations with a rise in first-quarter profits to $6.92bn + TotalEnergies: Saw profits jump by almost a third, to $5.4bn in the first quarter of 2026
* US oil and gas companies: + ExxonMobil: Earnings fell compared to last year's same period due to supply disruption from the Middle East + Chevron: Saw earnings fall but beat analysts' forecasts and expect profits to grow further as the year goes on
* Banks: + JP Morgan: Made a record $11.6bn of revenue in the first three months of 2026, helping the bank to its second biggest ever quarterly profit + Other "Big Six" banks (Bank of America, Morgan Stanley, Citigroup, Goldman Sachs and Wells Fargo): Reported combined profits of $47.7bn for the first three months of 2026
* Defence companies: + BAE Systems: Expect strong growth in sales and profits this year due to growing government defence spending + Lockheed Martin, Boeing, and Northrop Grumman: Have each reported record order backlogs at the end of the first quarter of 2026
* Renewable energy companies: + NextEra Energy (Florida-based): Has seen shares surge by 17% so far this year as investors pile in on its mission + Vestas and Orsted (Danish wind power giants): Have reported surging profits due to increased demand for renewable energy