The conflict in the Middle East has not only driven up global energy and food prices but has also significantly increased the wealth of some of the world’s richest energy investors, according to a new report by Oxfam. The humanitarian organization estimates that 41 energy billionaires from G7 countries collectively added US$23.5 billion to their fortunes while the conflict disrupted global commodity markets.
In its report, Ending Impunity and Inequality, Oxfam said escalating military tensions—including missile attacks, airstrikes, the closure of the Strait of Hormuz, and damage to critical energy infrastructure—have pushed oil prices sharply higher. Those disruptions have affected energy supplies worldwide while increasing costs for households already struggling with inflation.
The organization argues that ordinary consumers are paying the price through higher fuel, transportation, and food costs, while major energy companies and investors have benefited from surging commodity prices. According to Oxfam, the pattern mirrors previous global crises in which economic shocks disproportionately rewarded those already at the top of the wealth ladder.
Since the COVID-19 pandemic began in 2020, global billionaire wealth has increased by nearly US$10 trillion, representing a real increase of 94%, the report states. During the same period, the number of people requiring humanitarian assistance worldwide has risen by 84%. Oxfam says the widening gap reflects a global economic system that continues to concentrate wealth during times of crisis.
The report also places the latest conflict within a broader series of global disruptions, including the COVID-19 pandemic, the global debt crisis, the war in Ukraine, and conflicts involving Israel, Palestine, Lebanon, Syria, Yemen, and Iran. According to Oxfam, each crisis has added pressure to international supply chains while increasing financial uncertainty around the world.
Particular concern has focused on the Strait of Hormuz, one of the world’s most important energy corridors. Around one-fifth of global oil supplies pass through the strategic waterway, and Oxfam says disruptions there temporarily reduced global oil supply by more than 10 million barrels per day during March 2026. Brent crude prices subsequently climbed from around US$70 per barrel before the conflict to more than US$100, briefly reaching US$118.
Using data compiled by Forbes, Oxfam estimates that the collective wealth of 41 energy billionaires increased by approximately US$301 million every day between March 1 and May 18. Over the same period, six of the world’s largest oil companies—ExxonMobil, Chevron, Shell, TotalEnergies, BP, and Eni—are projected to generate combined profits of around US$152 billion during 2026, roughly 80% higher than forecasts made before the conflict.
The organization also highlighted sharp gains across the fertilizer industry, where company profits are expected to rise by 23% above earlier projections. Oxfam argues that higher fertilizer prices have increased agricultural production costs, contributing to rising food prices in both developed and developing economies.
Beyond rising prices, Oxfam warned of severe humanitarian consequences linked to the ongoing conflict. The United Nations Development Programme estimates that more than 32.5 million additional people could fall into poverty before the end of 2026, while another 45 million people may face extreme hunger. Those figures come on top of an estimated 720 million people who are already experiencing food insecurity worldwide.
The report also compares military and humanitarian spending among G7 nations. Oxfam notes that the group’s combined defense budget reached approximately US$1.37 trillion in 2025, while humanitarian assistance totaled just US$10.3 billion, or less than one percent of military expenditure. The organization argues that wars not only result in loss of life and widespread destruction but also deepen global economic inequality by shifting the financial burden onto ordinary households while delivering windfall profits to a small number of corporations and wealthy investors.
