2. Refiners capture fuel shortages

Oil producers gain when crude prices rise. Refineries often gain even more when shortages of refined fuels push product prices higher.

Refining profitability is measured by the 'crack spread' — the difference between the price of crude oil and the price of fuels such as gasoline, diesel and jet fuel produced from it.

During the current crisis, refining margins have widened sharply in several global hubs. Examples include:

Singapore, where complex refining margins climbed close to $30 per barrel in early March, the highest in nearly four years
India, where refiners have purchased discounted crude and exported refined fuels to tighter markets in Europe
US Gulf Coast, home to complex refineries that convert heavy crude into high-value fuels

Jet fuel and diesel have been the biggest drivers of refining profits as aviation and freight companies compete for limited supply.

However, refinery gains can depend heavily on crude type. In its latest monthly report, the Organization of the Petroleum Exporting Countries said excess heavy crude on the U.S. Gulf Coast had pressured margins for certain products, illustrating how refining profitability shifts with the balance of crude grades and fuel demand.

3. Defense, security contractors

Conflicts also generate large financial gains in defense and security industries.

Governments typically increase military spending during periods of geopolitical tension, boosting demand for weapons systems, surveillance technology and intelligence infrastructure.

Companies benefiting from this trend often include those producing:

missiles, drones and advanced munitions
military surveillance and intelligence systems
cybersecurity and digital infrastructure
satellite communications networks

Higher defense spending often translates into long-term procurement contracts, creating steady revenue streams for contractors supplying military hardware and services.

4. Billionaires with war-linked assets

Individual fortunes can also rise during geopolitical turmoil when billionaires hold assets tied to sectors that benefit from the disruption.

One example is Donald Trump, whose wealth has become increasingly linked to cryptocurrency ventures. According to Forbes, Trump’s net worth stood at roughly $6.5 billion in March 2026, with an estimated $550 million in gains over the past year driven largely by crypto tokens tied to World Liberty Financial.

Another figure whose wealth is closely linked to crisis-sensitive sectors is Elon Musk. Musk’s companies operate in industries that can become strategically important during conflicts, particularly satellite communications.

Starlink — the satellite internet network operated by SpaceX — has become an important communications platform in conflict zones and remote regions, reinforcing the strategic value of Musk’s space-technology holdings.

Meanwhile Michael Saylor has seen his personal fortune track movements in Bitcoin, which fell sharply when the conflict began before rebounding above $70,000 as investors sought alternative assets during market volatility.

5. Traders, investors exploiting flux

Beyond billionaires and corporations, financial traders also profit from crisis-driven volatility.

Some investors maintain large cash reserves to buy assets when market panic pushes prices lower. Others reposition portfolios toward sectors historically resilient during geopolitical shocks.

Common strategies during crises include:

buying undervalued shares during market sell-offs
rotating investments into energy, defense or infrastructure stocks
short selling companies vulnerable to higher fuel costs

Airlines and transport companies, for example, often become targets for short sellers during oil shocks because rising fuel prices weaken profit margins.

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