How US oil firms profit $130bn from Iran war as household bills surge
As energy from the Gulf and Russia take a hit, American oil and gas firms are the big gainers.
United States oil companies have earned more than $130bn in profits during the war on Iran, even as consumers pay much higher prices for key commodities, amid fears that US President Donald Trump may renew fighting after midterm elections.
The estimate, released by The New York Times, is a conservative evaluation based on the performance of 51 large US oil and gas companies in the six months from April through September. By contrast, in the same period in 2025 – when the prices of oil were lower prior to the launch of the US-Israel war on Iran – they collectively earned less than $47bn.
But the gains come as burgeoning living costs are crushing consumers. Americans have spent an extra $150bn on petrol and diesel since the war on Iran began on February 28, according to an analysis by Brown University’s Climate Solutions Lab, which amounts to more than $1,150 per household.
Iran also effectively blocked passage of most vessels through the Strait of Hormuz. In retaliation, the US imposed a naval blockade on Iranian oil and gas – the tit-for-tat steps raising the risks of transporting energy out of the crucial passageway.