Who are the economic winners and losers of the US-Israel war on Iran?
Summary
The war launched by the United States and Israel against Iran has caused major changes in the global economy six months after it started. Some industries, like oil and defense companies, have made large profits, while others, including US taxpayers, face high costs.Key Facts
- The war has disrupted world energy markets, raising oil prices significantly.
- Major oil companies such as ExxonMobil and Chevron reported their highest profits in years during the second quarter.
- European energy companies like TotalEnergies, Shell, and BP also showed large increases in profits.
- Saudi Aramco’s profit grew by one-third compared to the previous year’s quarter.
- Abu Dhabi National Oil Company (ADNOC) saw a 52% drop in profit because of the closure of the Strait of Hormuz but still exceeded profit expectations.
- The US Defense Secretary estimated the war’s cost at $37.5 billion, but experts believe the true cost could reach $1 trillion when considering long-term expenses.
- The US Pentagon signed a $22.9 billion contract with RTX Corporation to increase production of Tomahawk cruise missiles.
- There are reports suggesting the US may be running low on certain missile interceptors, although the administration denies this.
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