Oil Giants Reap $30 Million Hourly Windfall from Conflict-Driven Price Surge

During the initial month of the US-Israeli conflict with Iran, the world's 100 largest oil and gas corporations generated over $30 million per hour in unjustified profit, according to an exclusive analysis for the Guardian. This surge, driven by oil prices averaging $100 per barrel in March, resulted in an estimated $23 billion in war-related windfall gains for that month alone. Key beneficiaries of this boom include Saudi Aramco, Gazprom, and ExxonMobil—entities often identified as opponents of climate action. The analysis projects that by the end of 2026, these corporations, along with climate policy blockers like Saudi Arabia and Russia, will accumulate an additional $234 billion in revenue. This financial gain comes at a direct cost to consumers. The disruption has significantly impacted global oil and gas supply, which is expected to require several months to return to pre-war levels. The sustained high prices and corporate profits underscore the complex intersection of geopolitical conflict, energy markets, and climate policy challenges.