The $130 Billion Oil Boom Fueled by the Iran War

Résumé détaillé

Several oil and gas companies in the United States have benefited from increased trade following the war in Iran that began in February, and from subsequent restrictions on…

Felicity Bradstock is a writer and journalist based in Mexico City. She writes for energy websites and covers several other industries, as well as writing…

Several oil and gas companies in the United States have benefited from increased trade following the war in Iran that began in February, and from subsequent restrictions on international energy trade. Many countries have been forced to turn to alternative suppliers due to restrictions on movement through the Strait of Hormuz, the critical waterway connecting the Persian Gulf to the Arabian Sea, a shift that has allowed U.S. oil majors to help fill the gap.

The Strait of Hormuz has faced severe, ongoing restrictions and a functional blockade since late February 2026, following attacks on Iran by the United States and Israel, which led Tehran to respond by limiting movement through the waterway. Prior to the trade restrictions, the Strait of Hormuz was used to transport around one-fifth of the world’s oil and liquefied natural gas (LNG).

In 2025, roughly 20 million barrels of oil and oil products passed through the waterway every day, equivalent to almost $600 billion in energy trade per year, according to estimates from the U.S. Energy Information Administration (EIA). As Iran continues to impose trade restrictions, several countries have been forced to halt energy exports, particularly in the Persian Gulf, resulting in a severe negative impact on certain economies.

Uncertainties about how and when the Strait of Hormuz may reopen, and what energy trade might look like going forward, have led many countries around the globe to rapidly seek new fuel suppliers. The recent trade restrictions have exposed vulnerabilities in global energy trade and demonstrated the importance of diversification – both in energy exports and in expanding production beyond fossil fuels to renewable alternatives.

A recent New York Times analysis suggests (conservatively) that U.S.

Some companies are seeing higher profits than others…

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