GNV News May 10, 2026

Since February 2026, when the United States and Israel launched a war against Iran, global crude oil prices have sharply risen. In particular, military actions, blockades, and tensions around the Strait of Hormuz are having a major impact on the world’s energy supply. The surge in energy prices is driving inflation and increasing the cost of living across the globe.

Meanwhile, those reaping huge profits are the major oil and gas corporations. UK-based energy company Shell posted profits of about US$6.9 billion in the first quarter of 2026, exceeding market expectations. British Petroleum (BP) also recorded profits of about US$3.2 billion, more than doubling its profits compared to the same period last year. Behind this are said to be the spike in crude oil prices due to the deterioration of the situation in the Middle East and increased income from oil trading and refining operations.

Furthermore, the British newspaper The Guardian reported that the world’s top 100 oil and gas companies earned “over US$30 million per hour” in excess profits in the month following the start of the war against Iran. In particular, it is said that Saudi Arabia’s state-owned enterprises are also earning enormous profits.

On the other hand, the burden on ordinary people’s lives is increasing. The rise in crude oil prices has led to soaring gasoline prices and transportation costs, exacerbating inflation around the world. According to a World Bank report, in low-income countries in particular, higher energy prices are dealing a severe blow to household finances and national economies.

This issue is also deeply connected to climate change. The world is currently being called upon to transition to a decarbonized society, and in some countries, there are growing demands for additional taxation on oil companies’ “excess profits.” In Europe, moves are underway to introduce a windfall tax on oil and gas companies to ease the burden on citizens caused by soaring energy prices (windfall tax), and such measures are already being pursued. Environmental groups and experts also argue that, rather than short-term dependence on fossil fuels, investment in renewable energy should be expanded.

In light of this situation, it is becoming increasingly necessary to reconsider international issues from the perspective of “who is profiting from war.”

Learn more about war and corporate profits → “Companies that See War as an ‘Opportunity’”

Learn more about rising fuel prices → “Nigeria Records the Highest Rate of Fuel Price Increase in Africa”

Learn more about oil issues → “Oil and the World (GNV Podcast 58)”

Gasoline price display in Germany affected by soaring crude oil prices (2026) (Photo: Matthias Berg / Flickr [CC BY-NC-ND 4.0])