Six months into the US and Israeli war on Iran, the conflict has produced clear economic winners and losers across global markets. Energy firms have posted record profits as supply disruptions pushed oil prices higher, with ExxonMobil, Shell and BP among those reporting sharply stronger earnings.
Defence contractors have also prospered, securing tens of billions of dollars in new weapons contracts, including major missile and air-defence production deals. Banks, meanwhile, booked double-digit profit gains from the surge in market volatility and trading activity.
The losers have been just as pronounced. Airlines face billions in projected losses from cancelled flights and elevated fuel costs, while automakers have struggled with disrupted supply chains and rising material prices.
Food-importing nations have been squeezed by higher fuel and fertiliser costs, hitting vulnerable populations across Africa and Asia, while US taxpayers face a war bill analysts warn could eventually approach $1 trillion.
For European economies, exposed to both higher energy costs and the defence spending the conflict has spurred, the war’s uneven fallout has sharpened debates over energy security and the price of prolonged instability.
