Most From War
Most From War: People often judge wars by asking one question: who won and who lost? The recent US-Iran war has sparked the same debate. Did the US achieve its goals? Did Iran resist American military pressure? This simple view misses another important issue. Wars also create profits, increase demand and open new business opportunities. In the US-Iran conflict, some of the biggest winners may be neither country.
War’s Business Winners
Both countries have paid a heavy price. They spent large amounts on military operations. They also faced economic disruption and military pressure. The conflict may have no clear winner. But some industries have clearly gained from it.
The defence industry stands out as a major beneficiary. Modern wars use huge numbers of missiles, drones and other weapons. Armies must replace every weapon they use. They must also rebuild their military stockpiles. This creates new orders for defence companies.
Defence Boom
Lockheed Martin reported $1.8 billion in earnings in the second quarter of 2026. It earned $342 million during the same period in 2025. Its sales rose by 11 per cent to $20.1 billion. Its order backlog also reached a record $230 billion. Sales in its missiles and fire control business rose by 19 per cent to $4.1 billion.
RTX, the parent company of Raytheon, also reported strong results. Its second-quarter net income rose to $2.139 billion. It had earned $1.657 billion a year earlier. Raytheon’s sales rose by 18 per cent to $8.269 billion. Demand for Patriot, Standard Missile and AMRAAM systems helped drive this growth.
Market Disruption
A long war creates even more demand. Countries must replace weapons and rebuild stockpiles. The US-Iran conflict could create years of new defence contracts. Continued insecurity can push governments to spend more on weapons and defence systems. Defence companies can gain from this cycle.
The energy sector has also benefited. The war created uncertainty around the Strait of Hormuz. It also disrupted energy markets. These conditions pushed prices higher. Oil companies, refiners and commodity traders can make large profits when prices and market volatility rise.
Profits Surge
ExxonMobil reported $14.5 billion in net income in the second quarter of 2026. It earned $7.08 billion during the same period in 2025. Chevron also reported a major rise in earnings. Marathon Petroleum, Phillips 66 and Valero Energy also gained from higher energy prices and stronger refining margins.
Other energy companies also benefited. Shell reported $9.84 billion in second-quarter profits. It had earned $4.26 billion a year earlier. BP reported $5.7 billion, compared with $2.34 billion in the same period of 2025. TotalEnergies, Saudi Aramco, Glencore and Trafigura also benefited from market volatility.
War’s Wider Impact
War does not always help energy companies. Conflict can damage facilities and reduce production. It can also create major risks. However, the US-Iran conflict shows how market uncertainty can create large profits. Companies can benefit when they trade during volatile markets or sell energy at higher prices.
Technology companies have also become important players in modern warfare. Militaries now depend on artificial intelligence, cloud computing, satellites and cybersecurity. They also need fast access to battlefield information.
AI in Warfare
Palantir Technologies shows this trend clearly. Its revenue reached $1.94 billion in the second quarter of 2026. That was a 93 per cent increase from the previous year. Its US government revenue reached $809 million. That figure rose by 90 per cent.
Microsoft also won a five-year Pentagon contract worth $9.69 billion. The contract covers Microsoft 365, cloud services and other technology for the US military and intelligence agencies. The US government also wants technology companies to develop secure AI systems for military use. The US-Iran war could speed up this shift.
Shipping Gains
The shipping industry has also gained from the conflict. Disruption around the Strait of Hormuz forced ships to change their routes. It also created uncertainty in global shipping. Freight rates increased as a result. Tanker companies then earned more from higher rates. Frontline and Scorpio Tankers reported strong earnings in the first and second quarters of 2026.
Hidden Beneficiaries
Other groups have also benefited. Defence consultants have gained more work. Geopolitical risk firms have seen higher demand. Intelligence providers and private security companies have also found new opportunities. Even online media personalities can gain more attention and income during major crises.
Governments make the final decisions on war and peace. But the business side of warfare also matters. Some industries can make huge profits when conflicts continue. This raises an uncomfortable question: do these industries benefit more from peace or from prolonged conflict?
Published in Dawn, 22nd August 2026
