In the first month of the ongoing conflict centered on Iran, the world’s top 100 oil and gas companies collectively earned more than $30 million per hour in excess or unearned profits, according to a special analysis by The Guardian. The report found that in March, as oil prices averaged $100 per barrel, these companies gained around $23 billion in additional profits. If prices remain at that level and supply takes months to normalize, total windfall earnings could reach $234 billion by year-end.

Among the biggest beneficiaries are Saudi Aramco, Gazprom, and ExxonMobil, all identified as major opponents of climate action. Rising fuel prices have increased costs for consumers and businesses worldwide, prompting several countries—including Australia, South Africa, Italy, Brazil, and Zambia—to cut fuel taxes, which has reduced public revenue. The European Commission is considering a proposal from several finance ministers to impose a windfall tax on companies profiting from the war.

Analysts warned that while corporate profits surge, ordinary people face higher living costs and inflationary pressures globally.