Global oil and gas companies are earning record profits at a rapid pace as global energy prices surge during the ongoing Iran conflict. New analysis shows that the world’s top 100 oil and gas firms are collectively making more than $30 million every hour in extra profits during the first month of the US-Israeli war in Iran. The findings are based on data from energy intelligence provider Rystad Energy and analysis by Global Witness. It shows how sharply rising oil prices have translated into massive earnings for major fossil fuel companies across the world. Oil prices jumped to an average of $100 per barrel in March after the conflict escalated. This increase created what analysts describe as “windfall war profits” worth around $23 billion in just one month. If prices stay at this level, total extra profits could reach $234 billion by the end of the year. Some of the biggest winners include Saudi Aramco, Gazprom, ExxonMobil, Shell, and Chevron. These companies are among the largest energy producers in the world and have seen earnings rise sharply due to higher global demand prices and restricted supply conditions. Saudi Aramco, which is majority-owned by the Saudi government, stands out as the largest beneficiary. Analysts estimate it could gain around $25.5 billion in additional profits in 2026 if oil prices remain near $100 per barrel. The company has long been one of the most profitable oil producers globally, earning billions daily even before the current crisis. Russian energy firms Gazprom, Rosneft, and Lukoil are also expected to gain heavily. Together, they could earn nearly $23.9 billion in war-linked extra profits by the end of the year. Russia has also seen a rise in oil export revenue, which supports its broader economy during its ongoing conflict in Ukraine. US-based ExxonMobil is projected to receive around $11 billion in extra profits under current price conditions. Chevron is expected to gain about $9.2 billion. Shell could add $6.8 billion in windfall earnings. Market value for several of these companies has also increased significantly since the conflict began, adding tens of billions in shareholder value. The report highlights that these profits are not just corporate gains. They are also being paid indirectly by consumers worldwide. Higher fuel and energy prices are increasing costs for households and businesses. Many governments have responded by cutting fuel taxes to ease pressure, reducing public revenue in the process. The rising energy costs have also sparked debate in Europe and other regions about introducing windfall taxes on oil and gas companies. Finance ministers from several European countries, including Germany, Spain, Italy, Portugal, and Austria, have urged the European Commission to act. They argue that companies benefiting from war-driven price spikes should help support struggling consumers. The European Union’s total fossil fuel import bill has reportedly increased by €22 billion since the start of the conflict. Officials say this places additional pressure on national budgets and energy security policies across member states. At the same time, energy experts warn that global dependence on fossil fuels continues to expose economies to sharp price shocks during conflicts and supply disruptions. They argue that renewable energy sources like wind and solar could reduce vulnerability to such crises. International Energy Agency chief Fatih Birol has described the current situation as one of the most severe shocks to global energy markets in history. Climate experts also stress that long-term reliance on oil and gas continues to drive instability in both prices and energy security. Critics of the fossil fuel industry say the current crisis highlights a long-standing pattern where global conflicts lead to increased profits for major energy companies while consumers face rising costs. They argue that stronger policy action is needed to reduce dependence on volatile fuel markets. Oil companies named in the report, including Saudi Aramco, Shell, and TotalEnergies, declined to comment. ExxonMobil, Chevron, Gazprom, Petrobras, and ADNOC also did not respond to requests for comment. As the conflict continues and oil prices remain high, analysts expect the debate over energy profits, taxation, and global energy transition to intensify further in the coming months.