Big Oil Reaps Massive Profits Amid US-Israeli War in Iran, Sparking Global Outcry
Updated
Updated · The Guardian · Apr 16
Big Oil Reaps Massive Profits Amid US-Israeli War in Iran, Sparking Global Outcry
31 articles · Updated · The Guardian · Apr 16
Oil and gas companies have made over $30 million per hour in windfall profits since the start of the US-Israeli war in Iran.
The conflict has pushed oil prices to $100 a barrel, with companies like Saudi Aramco, ExxonMobil, and Gazprom among the top beneficiaries.
Rising fuel costs are impacting consumers globally, prompting calls for windfall taxes and accelerating the push for renewable energy investment.
Are oil giants' record profits a market reaction or a form of war profiteering?
Is releasing strategic oil reserves enough to counter this historic energy shock?
Are devastating human and environmental costs being overshadowed by economic news?
What is the conflict's hidden toll on global food and green tech supply chains?
Will this energy crisis finally force a global transition to renewable sources?
How can the fragile ceasefire hold amid a new US blockade and regional tensions?
Global Oil Supply Plummets 80% Through Strait of Hormuz, Triggering $150/Barrel Spot Prices and Market Chaos
Overview
In March 2026, Iran's closure of the Strait of Hormuz slashed oil flows from 20 million to 3.8 million barrels per day, causing a historic supply loss and triggering a sharp reversal in global oil demand forecasts. This supply shock, combined with falling demand, sent oil prices soaring—Brent crude reached nearly $100 per barrel, with spot prices hitting $150. The crisis boosted profits for major oil companies and banks, while prompting the US to ease sanctions on Russian oil, enabling Russia's fossil fuel revenues to surge despite export challenges. The resulting energy price surge fueled global economic risks, including recession fears and inflation above 5.8%, spurring governments to implement costly relief measures. Amid this turmoil, the crisis accelerated clean energy commitments in China, India, and the US, highlighting a critical crossroads between short-term fossil fuel reliance and long-term energy transition.