Global oil and gas companies saw a dramatic surge in earnings in the immediate aftermath of the US-Iran conflict with them cumulatively earning more than $30 million per hour in windfall profits during March, according to an analysis by The Guardian.
Citing data from Rystad Energy and analysis by Global Witness, the report found that the world’s top 100 energy firms raked in nearly $23 billion in additional profits over the month, as crude prices climbed over $100 per barrel following the outbreak of hostilities on February 28.
Leading the gains is Saudi Aramco, which is projected to earn as much as $25.5 billion in war-related windfalls in 2026 if current price trends hold.
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The company has consistently posted strong earnings in recent years, averaging about $250 million per day between 2016 and 2023.
Russian energy heavyweights — including Gazprom, Rosneft and Lukoil — are also poised to benefit significantly.
Their combined additional profits are estimated to reach $23.9 billion by year-end, with the uptick tied to sustained export earnings amid the broader war economy.
The spike in profits comes as oil markets tightened due to supply concerns, particularly around disruptions linked to the Strait of Hormuz — a critical artery for global energy shipments.
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The sharp windfall has reignited debate over imposing taxes on excess profits and calls for governments to introduce relief measures for consumers grappling with elevated fuel prices.
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