Energy, arms and shipping firms gain from Iran war disruption
Al Jazeera reported that market turmoil from the US-Israel war on Iran lifted profits across energy, defence, shipping, insurance and trading.
By James Whitfield · Staff Writer
3 min read
The US-Israel war on Iran has produced large gains for companies tied to energy, defence, shipping, insurance and financial trading, according to reporting and market data cited by Al Jazeera. The profits matter because negotiators are now in Switzerland under a 60-day ceasefire framework that could lower prices and unwind some of those gains.
Al Jazeera reported that the United States and Israel launched strikes on Iran on February 28, disrupting trade through the Strait of Hormuz, a route that previously carried about one-fifth of global oil and liquefied natural gas supplies. A memorandum of understanding now sets terms for talks on Iran’s nuclear programme, sanctions relief and the future of the strait, according to Al Jazeera.
Oil producers saw the clearest windfall
LSEG Datastream data cited by Al Jazeera showed crude prices jumped about 50 percent after the strikes, with Brent briefly reaching $126 a barrel before falling back near $72 by June 25. Higher prices gave major producers more cash even as the war disrupted some regional output.
Saudi Aramco reported first-quarter profit of $32.5bn, up 25 percent from a year earlier, according to Al Jazeera. The company kept exports flowing through its East-West pipeline to the Red Sea, avoiding the Strait of Hormuz, while selling into a higher-price market.
BP reported first-quarter profit of $3.2bn, more than twice the prior-year level, and Shell reported $6.9bn despite damage at the Pearl GTL facility in Qatar, according to Al Jazeera. TotalEnergies reported adjusted net income of $5.4bn after keeping some UAE output moving through Fujairah, a route outside the strait.
Rystad Energy estimated that if oil averaged $100 a barrel instead of $65, Saudi Aramco would see the largest 2026 cash-flow gain among major producers, at $44bn. Rystad also listed large potential gains for Kuwait Petroleum Corp, ExxonMobil, PetroChina, Shell, ADNOC, TotalEnergies, Iran’s NIOC, QatarEnergy and BP.
Arms makers and shippers benefited from demand
Al Jazeera reported that executives from RTX, Lockheed Martin, Boeing, Northrop Grumman, BAE Systems, L3Harris and Honeywell met at the White House soon after the first strikes as US munitions stocks fell. The companies already had large order books, and governments’ efforts to replace weapons are expected to add to them, according to Al Jazeera.
Boeing reported first-quarter revenue of $22.2bn, up 14 percent, while narrowing its net loss to $7m from $31m a year earlier, according to Al Jazeera. Northrop Grumman’s backlog reached $95.6bn, helped by classified programmes and F-35-related work.
Kepler Cheuvreux estimated that disruption effectively removed almost 7 percent of the global tanker fleet from service. LSEG data cited by Al Jazeera showed tanker rates on the Middle East Gulf-to-East Asia route rising from roughly 100 Worldscale points before the conflict to more than 500.
Frontline reported more than $536m in first-quarter revenue, while DHT Holdings secured charter rates above $100,000 a day for some vessels, according to Al Jazeera. Kpler Risk and Compliance and the IMO recorded 22 attacks on ships in the Strait of Hormuz between February 28 and April 12.
Banks and prediction markets also drew scrutiny
Marine insurers also raised prices. Al Jazeera reported that war-risk premiums for Gulf transits rose from about 0.15 percent to 0.25 percent of vessel value to as high as 1.5 percent, with some cases reaching 10 percent.
The six largest US investment banks earned nearly $48bn in first-quarter profits as oil, currency and bond volatility lifted trading activity, according to Al Jazeera. JPMorgan Chase reported net income of $16.5bn, Bank of America reported $8.6bn, and Citigroup, Morgan Stanley, Goldman Sachs and Wells Fargo each topped $5bn.
Al Jazeera also reported scrutiny of trading on prediction platforms Polymarket and Kalshi. A Yale University analysis cited by Al Jazeera found suspicious accounts won nearly 70 percent of bets across more than 200,000 flagged cases, with estimated profits of $143m.
This story draws on original reporting from Al Jazeera.