$30 million per hour - The amount oil companies earned from the Iran war
The world's 100 largest oil and gas companies earned more than $30 million every hour in the first month of the US-Israeli war in Iran. Saudi Aramco, Gazprom and ExxonMobil are among the biggest beneficiaries of this bonus.
The conflict drove oil prices to an average of $100 a barrel in March, generating a $23 billion windfall for companies in the month. Oil and gas supplies will take months to return to pre-war levels, and companies will earn $234 billion by the end of the year if oil prices continue to average $100. The analysis uses data from leading intelligence provider Rystad Energy, analyzed by Global Witness.
The excess profits come from the pockets of ordinary people, as they pay high prices to fill their vehicles and power their homes, as well as from businesses facing higher energy bills. Dozens of countries have cut fuel taxes to help struggling consumers, meaning they are collecting less money for public services.
Aramco is clearly the biggest winner, estimated to have a profit of $25.5 billion in 2026 if the average oil price is $100. This is in addition to the huge profits that the Saudi company usually makes, $250 million per day between 2016 and 2023.
Three Russian companies, Gazprom, Rosneft and Lukoil, are expected to make about $23.9 billion in profits from the Iran war by the end of the year. ExxonMobil, which stands to gain $11 billion in profits from the war in 2026 if the $100 price holds. Shell will get a $6.8 billion boost. The value of both companies, like many others, has increased significantly due to the rise in share prices in the month after the Iran war began. ExxonMobil is worth $118 billion more, Shell $34 billion more.
According to the analysis, Chevron is on track to reap a $9.2 billion windfall from the Iran war.
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