The war with Iran has been very lucrative for American oil companies, which have earned more than $130 billion in profit as people pay much higher prices for gasoline, diesel and other fuel.

That is a conservative estimate based on the performance of more than 50 large U.S. oil and gas companies, most of them producers or refiners, in the six months from April through September. It does not reflect profits earned in March, the first month of the war, or in October.

These companies earned less than $47 billion collectively during the same period in 2025, a challenging stretch when oil was cheaper and companies were navigating the early fallout from President Donald Trump’s trade war.

The blockbuster oil profits this year highlight long-standing concerns about who gains, and who pays the price, when wars interrupt the flow of energy. As of this week, Americans had spent an extra $147 billion on gasoline and diesel since the United States and Israel began striking Iran on Feb.…