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Archie MitchellBusiness reporter
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As households across the globe count the costs of the US-Israel war in Iran, some companies have been counting bumper profits instead.
The uncertainty sparked by the conflict, and Iran's effective closure of the Strait of Hormuz, is driving up the cost of living and hitting the budgets of firms, families and governments.
But while some have been pushed to the brink, others, whose core businesses are more profitable in a war or who benefit from volatile energy prices, have seen record earnings.
Here are some of the sectors and companies making billions while the Middle East conflict continues.
The biggest economic impact of the war so far has been a surge in energy prices. Around a fifth of the world's oil and gas is transported through the Strait of Hormuz, but those shipments effectively ground to a halt at the end of February.
The result has been a rollercoaster of price movements on energy markets, with some of the world's biggest oil and gas companies benefiting.
The main beneficiaries have been European oil giants, who have trading arms so have been able to gain from sharp price movements boosting profits.
Another international giant, TotalEnergies, saw its profits jump by almost a third, to $5.4bn in the first quarter of 2026, driven by volatility in oil and energy markets.
US giants ExxonMobil and Chevron saw their earnings fall compared with the same period last year, due to supply disruption from the Middle East, but both beat analysts' forecasts and expect their profits to grow further as the year goes on, with the price of oil still significantly higher than when the war broke out.
Some of the biggest banks have also seen their profits boosted during the war in Iran.
JP Morgan's trading arm made a record $11.6bn of revenue in the first three months of 2026, helping the bank overall to its second biggest ever quarterly profit.
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."
One 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.
The conflict has also highlighted the need to diversify away from reliance on fossil fuels, Streeter said.
This has "supercharged interest in the renewable sector" even in the US, she said, where the Trump administration has popularised the "drill, baby, drill" slogan encouraging greater fossil fuel usage.
Streeter said the war has led to renewable investment being seen as increasingly important to stability and resilience to shocks.
One firm that has been boosted is Florida-based NextEra Energy, which has seen shares surge by 17% so far this year as investors pile in on its mission.
Danish wind power giants Vestas and Orsted have also reported surging profits, highlighting how the fallout from the Iran war is also boosting renewable energy firms.
