Iran war brings massive price and profit gouging
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The US-Iran conflict has led to a surge in oil prices, resulting in massive profits for major oil companies and banks worldwide. Corporations are expected to rake in hundreds of billions of dollars in increased profits.
The US-Iran conflict has triggered a significant rise in oil prices, with major oil companies expected to reap substantial profits. According to an investigation, the major oil conglomerates in Saudi Arabia, Russia, the US, Britain, and Europe will collect an additional $234 billion in profit for 2026. Saudi Arabia's Aramco is expected to make a war profit of $25.5 billion, while US firm ExxonMobil will take in an additional $11 billion. The profit surge is not limited to oil companies, as trading firms and US arms manufacturers are also cashing in. Major US banks have reported collective profits of $47.6 billion for the first quarter, driven by market volatility. The increased profits are on top of the $1 trillion the oil industry takes in every year, with corporations intending to maintain their record share of the US economy.
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