Who Is Profiting from Oil Revenues in the Iran War? Trump and Allies Face Allegations
Mian Nadeem
Published September 11, 2026 | 06:39 PM
With crude oil above $100, a multibillion-dollar market, suspected trading, and a wartime economy, who is benefiting most from the conflict? This special investigative report explores the question.
Global Oil Market in Turmoil
Following joint US-Israeli attacks on Iran, the Middle East has witnessed significant geopolitical shifts, and the global oil market has been significantly impacted. Tensions in the Strait of Hormuz, attacks on oil tankers, and supply disruption fears have pushed crude oil prices above $100 per barrel once again. On September 10, Brent crude surpassed $100, while US WTI also neared $100, exacerbating global inflation concerns.
Oil Companies and Revenue Benefits
A key financial question arises: if people worldwide are bearing the economic burden of the war, who is profiting from the additional oil revenues? The clearest beneficiaries are oil companies operating in areas relatively shielded from direct risks associated with Iran and the Strait of Hormuz. US shale producers, Canadian oil sands firms, and certain Latin American producers can sell their oil at higher prices as global prices rise.
For instance, US company Occidental Petroleum reported a realized global oil price of approximately $96.78 per barrel in the latest quarter—a substantial increase from the previous period.
Gulf Oil Producers and National Companies
Research based on reports from major broadcasters, news agencies, and newspapers indicates that share prices of several US oil producers surged by 20% to 70% following the Iran war. While US consumers face higher gas prices, the revenues and market valuations of some US energy companies are also increasing.
Gulf oil-producing countries and their national energy companies form another significant group. If crude oil prices remain high globally due to the war, each additional dollar per barrel could translate into substantial extra revenue for these nations, assuming they maintain exports. Saudi Arabia has a notable geographical advantage with its oil pipeline system, enabling it to transport crude to the Red Sea while avoiding some Gulf-related risks. This could result in less impact on Saudi oil exports in certain scenarios involving a Strait of Hormuz closure.
Commodity Traders and Hedge Funds
The most intricate aspect of the wartime economy involves commodity traders, hedge funds, and other investors. A sudden 10%, 20%, or 30% movement in oil prices can generate billions of dollars in profits or losses in futures and options markets.
Profiting from rising oil prices during a war is not inherently illegal. However, illegality arises when individuals obtain inside information unavailable to regular investors and trade on it.
