Oil windfalls and market shocks: winners and losers from the Iran conflict

Six months into the US-Israel war on Iran, energy markets have surged and a patchwork of winners and losers has emerged: oil majors report hefty profits as prices rise, while US taxpayers face mounting costs; defence contractors win big missile and interceptor contracts; banks benefit from market volatility; airlines struggle with higher fuel costs and disruptions; renewables gain momentum as price pressures persist, and coal profits rise as countries rely more on coal; carmakers face earnings pressure, and global food prices and hunger risks mount as spillover effects ripple through the economy.