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Middle East crisis could cost world $1tn while oil firms make ‘obscene’ profit, analysis finds
Analysis by climate group 350.org using IMF data shows the Middle East oil and gas crunch, tied to the US-Israeli attack on Iran, could cost the global economy up to $1 trillion (or $600bn if Hormuz Strait operations return to normal) due to elevated fuel prices, while oil companies like BP reported doubled first-quarter profits. Calls for urgent windfall taxes on excess fossil fuel profits to fund social protection and renewable energy transitions were echoed at the Santa Marta, Colombia conference on phasing out fossil fuels, where delegates from vulnerable nations highlighted worsening poverty, budget cuts, and risks of instability linked to the crisis.
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11- First seen
- Apr 28, 2026, 7:00 PM
- Last updated
- Apr 29, 2026, 12:17 AM
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Middle East crisis could cost world $1tn while oil firms make ‘obscene’ profit, analysis finds is currently shaped by signals from 1 source platforms. This page organizes AI analysis summaries, 1 timeline events, and 11 relationship edges so search engines and AI systems can understand the topic's factual basis and propagation arc.
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10 tagsMiddle East crisisoil price hikesfossil fuel profitswindfall taxrenewable energy transitionSanta Marta conferenceglobal economic costHormuz Straitclimate justicefossil fuel subsidies
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1 evidence itemsMiddle East crisis could cost world $1tn while oil firms make ‘obscene’ profit, analysis finds
News · 1Apr 28, 2026, 7:00 PMOpen original source
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Middle East crisis could cost world $1tn while oil firms make ‘obscene’ profit, analysis finds
Apr 28, 2026, 7:00 PM
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