Global Crisis Fuels Record Profits for Energy, Banking, and Defense Giants
Whereas the war in Iran has led to significant economic distress among individuals and states, there are particular industries globally that are generating unprecedented revenues from the turmoil. For instance, European energy majors such as BP, Shell, and TotalEnergies have exploited the rising prices and volatility in the markets, while the big Wall Street banks have generated millions in revenue through higher transaction volumes amid the turmoil. Additionally, the defense sector is thriving, with defense manufacturers such as BAE Systems and Lockheed Martin recording record backlog orders from nations seeking to secure their military equipment amidst the uncertainty. It is surprising that the war has even expedited the transition towards renewable energy, where disruptions in energy supplies have precipitated an unprecedented surge in the production of solar panels, heat pumps, and electric cars.








