As bills rise across the world, campaigners call out the fossil fuel and weapons firms raking in mega profits

cross-posted from: https://lemmy.ml/post/46550451

27 April 2026 | Last update: 7:10 ET 27 April

As the death toll in Iran rose above 3,500 and the dual blockade of the vital Strait of Hormuz by the US and Iran continues, fossil fuel and weapons companies have seen their profits rise dramatically since the war by the US and Israel began two months ago.

The standoff between the US and Iran in the Strait of Hormuz has left 1,600 vessels and 20,000 seafarers stranded in the Gulf, as Brent crude tops $107 a barrel.

While hitting the pockets of millions in Europe, Asia and worldwide, the war has created big winners. BP’s first-quarter profit more than doubled year-on-year to $3.2 billion, the highest for the British oil ‌giant since 2023, Reuters reported on Tuesday.

Recent analysis conducted by climate charity Global Witness for the Guardian found that major oil and gas companies made over $30m an hour in the first month of the war on Iran.