The world’s leading oil and gas corporations recorded a massive surge in revenues during the first month of the war in Iran. According to data published by The Guardian, the 100 largest players in the industry were generating over $30 million in windfall profits every hour, with total “war earnings” for the month reaching approximately $23 billion.
Among the primary beneficiaries are Saudi Aramco, Russia’s Gazprom, and American ExxonMobil. These corporations, according to the outlet, extracted the greatest advantage from the sharp rise in oil prices triggered by the military conflict.
The war in Iran caused severe instability across global energy markets, pushing the average price of oil in March up to $100 per barrel — delivering companies a substantial boost in revenues well beyond projected figures.
Analysts note that this kind of “war profiteering” once again raises pressing questions about the introduction of additional windfall taxes on the oil industry during geopolitical crises — a measure that several governments had already implemented in the wake of the energy shock of 2022.