$30m an hour: big oil reaping huge war windfall from consumers, analysis finds

"The world's top 100 oil and gas companies banked more than $30m every hour in unearned profit in the first month of the US-Israeli war in Iran, with Saudi Aramco, Gazprom, and ExxonMobil among the biggest beneficiaries."

"The conflict pushed the price of oil to an average of $100 a barrel in March, leading to estimated windfall war profits for the month of $23bn for the companies."

"Pressure is growing for windfall taxes on the war profits of oil and gas companies, with the European Commission considering a request from finance ministers to ease the burden on the general public."

"Aramco is by far the biggest winner, estimated to make a war profit of $25.5bn in 2026 if the oil price averages $100, on top of its habitual profits."

In March, the world's top 100 oil and gas companies made over $30 million every hour in unearned profits due to the US-Israeli war in Iran. The conflict raised oil prices to an average of $100 per barrel, resulting in estimated windfall profits of $23 billion for the month. Companies like Saudi Aramco and ExxonMobil benefited significantly, while consumers faced higher energy costs. Pressure is mounting for windfall taxes to alleviate the financial burden on the public, as many countries have reduced fuel taxes to support struggling consumers.

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