--- title: "Shell Is Profiting Massively Off the War in Iran" description: "Fossil fuel giant Shell is reaping enormous profits thanks to spiking oil prices triggered by the conflict in Iran." date: "2026-07-30" modified: "2026-07-30" authors: - name: "Victor Tangermann" job_title: "Senior Editor" link: "https://futurism.com/authors/victor" url: "https://futurism.com/science-energy/shell-profiting-massively-war-iran" categories: - "Energy" - "Fossil Fuels" - "Science & Energy" --- # Shell Is Profiting Massively Off the War in Iran ![A photo illustration of a Shell gas station surrounded by flames.]() *Shutterstock / Futurism* Don't worry about the death toll and economic devastation. There's money to be made! As the United States launches a "[heavy wave]()" of strikes against Iran, a conflict that turned from a limited incursion into an [extremely expensive]() and [painfully drawn-out war](), some clear winners are starting to emerge — and we're definitely not talking about the American people. As the [*Wall Street Journal* reports](), British fossil fuel giant Shell is reaping enormous profits thanks to spiking oil prices triggered by the conflict in Iran. Its second-quarter adjusted earnings rose from just shy of $7 billion the previous quarter to a stunning $9.84 billion in the most recent one. That's well above already-lofty expectations from analysts, who predicted earnings of $8.92 billion. It's also [*double* compared to the same period last year](), indicating a major surge in profits, in large part due to the violence in Iran. Shell isn't alone in the oil industry. Both Chevron and ExxonMobil are expected to report "[monster earnings]()," as CNBC put it, later this week. The earnings highlight how major players in the fossil fuels industry are benefiting massively from Donald Trump's war on Iran, a perverse reality as the number of [war and civilian casualties continues to rise](). Meanwhile, the American people are forced to pick up the tab, [paying record prices at the gas pump](). The Trump administration has [extensive ties]() to the industry and has made countless attempts to thwart the development of renewable energy. It has [revived US-based oil refineries]() and has made [deep investments in coal]() — despite the industries' central roles in worsening a [devastating environmental crisis](). Beyond the oil and gas industry, major banks including JPMorgan are making record profits during the ongoing war [thanks to heavy trading volumes]() as investors rush to dump volatile assets or buy the dip. President Trump himself has also massively benefited from the turmoil, [making billions while in office](). Then there's the Department of Defense's many contractors, which are also seeing strong growth in sales and profits. Three of the biggest defense contractors, Lockheed Martin, Boeing and Northrop Grumman, [reported record sales backlogs]() boosted by the Iran war earlier this year, from anti-ballistic missile systems to Patriot drones and intercontinental ballistic missiles. In short, it doesn't take much reading between the lines to see who the real winners and losers of Trump's prolonged war are. It's a conflict lining the pockets of the military industrial complex and fossil fuel companies — the last thing a society suffering the effects of human-induced climate change and reeling from political instability needs. **More on the war:** [*The Iran War Has Cut Off Supply of a Gas the AI Industry Desperately Needs*]() ## Author I've been at Futurism since 2017, where my role has evolved to encompass design, writing, and increasingly editing. I've always been fascinated by space exploration and advanced transportation, which I've leaned into by interviewing luminaries in those fields while closely following the dimensions of policy and regulation that allow next-generation projects to succeed -- or, sometimes, to fail. I'm also keenly interested in the effects of generative AI on society, policies, and democratic institutions, as well as clean energy, physics and biology, and the vagaries of tech leadership. My work for Futurism has been cited by publications including Ars Technica, Gizmodo, PC Magazine, Jalopnik, Fox News, and the New York Post. I spent my childhood living in locations including Manila, the Philippines, and Geneva, Switzerland, attended McGill University, and now live in Toronto, Canada. Before Futurism I worked at AskMen and a small photography studio. In my free time, I'm an avid gardener, foodie, and craft beer lover, as well as a maker of artisanal hot pepper sauces. I have a magnificent dog named Freida. ### Author social links [Bluesky]()