Saudi, Russian, US Oil Giants Among Firms Earning $30m An Hour In Iran War Windfall: Report

Last Updated:April 15, 2026, 19:53 IST

Aramco emerged as the single largest beneficiary, with estimated war-related profits of $25.5bn projected for 2026 if prices stay at $100 a barrel.

The world’s top 100 oil and gas companies earned more than $30m every hour in windfall profits during the first month of the US-Israeli war in Iran, which began on February 28, according to an analysis for The Guardian.

The analysis found that Saudi Aramco, Russia’s Gazprom and US-based ExxonMobil were among the biggest beneficiaries of the price spike, as the conflict pushed crude oil prices to an average of $100 (£74) per barrel in March. This resulted in estimated combined war-related windfall profits of $23bn for the month.

The findings, based on data from energy intelligence provider Rystad Energy and analysed by Global Witness, suggest that if oil prices remain at this level, the companies could collectively generate as much as $234bn in profits by the end of the year.

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Aramco emerged as the single largest beneficiary, with estimated war-related profits of $25.5bn projected for 2026 if prices stay at $100 a barrel. The Saudi state-backed oil giant has historically generated vast profits, averaging around $250m a day between 2016 and 2023, and has repeatedly been accused of resisting global climate action.

Russian producers, including Gazprom, Rosneft and Lukoil, are expected to gain $23.9bn in combined windfall profits by year-end. The analysis also links higher oil revenues to Moscow’s broader war economy, with Russian export earnings rising sharply during the conflict period.

US oil major ExxonMobil is projected to gain $11bn in additional profits if current prices persist, while Chevron is forecast to make $9.2bn. ExxonMobil’s market value has reportedly surged by $118bn since the conflict began.

ALSO READ: Middle East Oil Production Plunges Since March Due To Iran War, OPEC Data Shows

European firms are also benefiting, with Shell expected to see a $6.8bn uplift. Analysts noted that energy companies have simultaneously seen sharp increases in share prices alongside operational windfalls.

The findings come as governments face mounting pressure to consider windfall taxes on fossil fuel companies. Several European finance ministers have urged coordinated action through the IMF and World Bank to ease pressure on households facing rising energy costs and inflation.

The European Commission is reportedly reviewing proposals from Germany, Spain, Italy, Portugal and Austria calling for emergency relief measures funded through excess corporate profits.

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