From oil giants to banks - these companies are making billions from Iran war

Across the rest of the "Big Six" banks - which includes Bank of America, Morgan Stanley, Citigroup, Goldman Sachs and Wells Fargo, as well as JP Morgan - profits all rose substantially in the first quarter of the year.Overall, the banks reported $47.7bn in profits for the first three months of 2026."Heavy trading volumes have benefited investment banks, in particular Morgan Stanley and Goldman Sachs," Susannah Streeter, chief investment strategist at Wealth Club, said.The major Wall Street lenders have been boosted by a surge in demand for trading, with investors rushing to drop riskier stocks and bonds and pile their cash into assets that are seen as safer. Trading volumes have also been lifted by investors seeking to capitalise on the volatility in financial markets. Streeter added: "The volatility unleashed by the war has led to a surge in trading, as some investors sold stocks on fears of escalation, while others bought the dip, helping to fuel a recovery rally." 3. DefenceOne of the most immediate beneficiaries in any conflict is the defence sector, according to Emily Sawicz, senior analyst at RSM UK."The conflict has reinforced gaps in air defence capability, accelerating investment in missile defence, counter drone systems and military hardware across Europe and the US," she told the BBC.As well as highlighting the importance of defence firms, the war creates a need for governments to replenish weapons stocks, boosting demand.BAE Systems, which makes products including F35 fighter jet components, said in a trading update on Thursday it expects strong growth in sales and profits this year.It cited growing "security threats" around the world pushing up government defence spending, which has in turn created a "supportive backdrop" for the company. Lockheed Martin, Boeing and Northrop Grumman, three of the world's biggest defence contractors, have each reported having record order backlogs at the end of the first quarter of 2026.But shares in defence firms, which have risen sharply in recent years, have fallen back since mid-March, amid fears the sector is over-valued.4. RenewablesThe conflict has also highlighted the need to diversify away from reliance on fossil fuels, Streeter said.