The companies making billions from the Iran war
Defence contractors, oil majors and energy-infrastructure firms have emerged as the clear winners of the Iran war. Double-digit share-price gains and record profits are exposing the parallel economy the conflict has created in global markets.
A BBC Business analysis lays out how the Iran war has turned into a historic growth window for a particular cohort of global companies. Defence contractors such as Lockheed Martin and RTX have logged double-digit year-to-date share gains on extra US ammunition orders.
On the oil side, Shell, ExxonMobil and TotalEnergies all reported record first-quarter profits. Hormuz transit risk and the associated supply jitters kept Brent above $100 a barrel for an extended stretch. Gulf-state-backed producers like Aramco and Adnoc have also seen dollar inflows climb sharply.
In energy infrastructure, the LNG carrier Cheniere and Engie, operator of much of Europe's gas storage, sit on the same winning side. By contrast, airlines, logistics groups and chemicals makers are bearing the brunt of high fuel prices. Investors warn that this parallel economy could compress quickly if a credible peace track takes hold.
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