US-Iran war: Where the money is flowing, and who is getting it

Six months after the United States and Israel launched their war against Iran, the conflict has brought chaos to global energy markets. It has also become an unexpected windfall for several industries, with oil producers and weapons makers at the front of the queue.

The closure of the Strait of Hormuz and Iranian attacks on energy infrastructure in several Gulf countries sent oil prices soaring. ExxonMobil, the largest US oil company, reported second-quarter 2026 net profit of $14.5 billion, its highest level in four years. Chevron reported $12 billion, its strongest result in six years. France’s TotalEnergies earned $6 billion between April and June, while Britain’s Shell and BP more than doubled quarterly profits from the same period a year earlier, reaching $9.8 billion and $5.7 billion respectively.

Saudi Aramco also benefited despite the turmoil in the Middle East. The Saudi producer recorded $33.4 billion in second-quarter net profit, up one-third from 2025. The result came as missiles flew and aircraft took off across the region.

The arms industry is another beneficiary. US media have repeatedly raised concerns that American forces could be running short of essential weapons in the Middle East, particularly Patriot interceptors and the Terminal High Altitude Area Defense system. The Trump administration has denied that assessment. On Aug. 17, the Pentagon announced a $22.9 billion agreement with RTX to expand production of Tomahawk cruise missiles. The US military has also signed contracts worth tens of billions of dollars since the war began, including a $59 billion agreement with Lockheed Martin to triple Patriot missile production.

The economics of the conflict underline a stark imbalance. A new Patriot system costs more than $1 billion, according to the Center for Strategic and International Studies, while each Patriot interceptor costs about $4 million. The Shahed drones they target can be mass-produced for between $20,000 and $50,000. “Demand has increased for air defense systems and missiles, interceptors, counter-drone technology, surveillance and intelligence systems, satellites, propulsion systems, warheads and replenishment munitions,” said Rami Sarafa, chief executive and founder of Cordoba Advisory Partners.

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Demand has increased for air defense systems and missiles, interceptors, counter-drone technology, surveillance and intelligence systems, satellites, propulsion systems, warheads and replenishment munitions.