Posts Tagged ‘iran-war’

Iran war brings massive price and profit gouging

April 19, 2026

Nick Beams, WSWS, 16 April 2026

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    As workers around the world are hit with the ever-worsening consequences of the US war on Iran—crippling rises in petrol and gas prices, food price hikes and the growing threat of food shortages in poorer countries—major corporations and banks are raking in increased profits to the tune of hundreds of billions of dollars.

    First in line to benefit from the profit bonanza, as could be expected, are the oil companies. But the flow of increased money extends across the board.

    The price of diesel is advertised at a gas station Thursday, March 19, 2026, in Hyattsville, Md. [AP Photo/Stephanie Scarbrough]

    According to an investigation by the Guardian, the results of which were published on Wednesday, with oil at around $100 per barrel the major oil conglomerates in Saudi Arabia, Russia, the United States, Britain and Europe will collect an additional $234 billion in profit for 2026, an extra inflow of $30 million an hour for the rest of the year.

    The biggest winner is Saudi Arabia’s Aramco, which is expected to make a war profit of $25.5 billion, with the Russian petro-giants set to make an additional $23.9 billion.

    The US firm ExxonMobil will take in an additional $11 billion. Shell’s revenue will rise by $6.8 billion, and Chevron stands to make an additional $9.2 billion.

    The additional profits are on top of the $1 trillion the oil industry takes in every year while receiving explicit subsidies which totalled $1.3 trillion in 2022, according to calculations by the International Monetary Fund.

    There are other benefits as well flowing from the rise in share prices. The market value of ExxonMobil has increased by $118 billion, while that of Shell is up $34 billion.

    Apart from the oil producers, trading firms which deal in oil, food, metals and other necessary commodities, largely dominating global markets, are already cashing in. The Wall Street Journal reported that the Swiss commodities trader Gunvor said it had already made as much money in the first quarter of this year as it did in all of 2025 when it made a profit of $1.6 billion. Others will be experiencing a similar boost.

    Also not surprisingly, US arms manufacturers have been cashing in. On the first day of the US attack on Iran major firms recorded a rise in their total market value of up to $30 billion.

    The profit and price gouging extends across the US economy under conditions where, according to a recent article in the New York Times, corporate profits “have reached a record share of the US economy.” Corporate America intends to keep it that way.

    Sonu Varghese, the global macro strategist at the Carson group, a financial firm, told the Times that many companies viewed inflation from “outside shocks,” such as war, “as an opportunity to raise prices and boost margins” and that there was going to be some “margin expansion.”

    This points to a repeat of the experience of the inflation surge of 2022 when, as the Times reported, data from the US Producer Price Index “showed that wholesalers and retailers generally expanded the margin between their sales prices and their cost of acquiring goods.”

    Major US banks have also been cashing in on the opportunities generated by the war. The six major US banks reported collective profits of $47.6 billion for the first quarter, much of it generated because market volatility provided conditions for significantly profitable trading.

    Reporting on the profit hike, the Financial Times noted that the first quarter was marked by geopolitical shocks—the military operation in Venezuela and the Iran war—triggering volatility, which is “good for investment banks which make money from financing and facilitating client trades.”

    JPMorgan led the way in absolute terms with a 13 percent increase in profits, over the same period last year, to $16.5 billion, with market jitters being characterised as a “gift to trading desks.” Goldman Sachs reported a 19 percent increase in profits to $5.6 billion. Citigroup reported a 42 percent profit surge and Morgan Stanley’s profits rose 29 percent.

    The combined increase in the profits from the trading desks of the major banks is estimated to be the highest in 12 years.

    Much of this money is being used to finance share buybacks to boost the portfolios of the banks’ senior executives and big investors. The largest US banks spent a record $33 billion on buybacks in the first quarter, with JPMorgan, Goldman Sachs and Citigroup making their largest ever repurchases.

    The banks have benefited from the relaxation of regulations under Trump. Bank of America chief financial officer Alastair Borthwick said the bank was “encouraged by the work the administration is doing,” as it bought back $7.2 billion of its own stock in the quarter, the highest level in four years. The Trump regime is moving to reduce the amount of capital the banks must hold as a reserve, freeing up money for trading and buybacks.

    The overall sentiment on Wall Street is that the profit bonanza will continue, at least for now, with the S&P 500 passing the 7,000 mark for the first time on Wednesday. Inflation profiteering fuelled by the war is one factor. Another is the wave of mass layoffs, hitting tens of thousands of workers in many cases, especially in the high-tech industries.

    Commenting on what it called a new era of mega-layoffs, the Wall Street Journal noted that “employers are seizing on the potential financial upsides of severing swaths of their workforces at once.”

    In the past, mass layoffs by a company may have signalled troubles or mismanagement. “Now, such a company is more likely to get a big stock bump and praise from investors for acting boldly.”

    Giant corporations and banks are feeding on death, destruction and the impoverishment of the working class the world over. This makes it urgently necessary for workers and youth to draw the sharpest political conclusions.

    The war on Iran itself is not the product of the individual Donald Trump, but is driven by the historic crisis of imperialism, of which he is the most grotesque personification.

    Likewise, the obscenity expressed in the present day economic and financial system is not the product of the individual greed of the ruling oligarchs, though that exists in abundance. It is a product of the capitalist system itself, the objective logic of which, as Marx explained 150 years ago, is the creation of fabulous wealth at one pole of society and poverty, misery and degradation at the other.

    Today the necessity for its overthrow and the establishment of socialism is not confined to the pages of Das Kapital but is being written large in the language of daily life.

    Trump’s Divine War: How Christian Nationalists Are Running U.S. Policy in ISran and at Home

    April 5, 2026

    ScheerPost, April 3, 2026

    ScheerPost Staff

    As the Trump administration deepens U.S. military involvement in Iran alongside Israel, a new The Intercept briefing examines a dimension of the conflict often overlooked in mainstream war coverage: the growing influence of Christian nationalist ideology inside American foreign policy. In this episode, investigative journalist Sarah Posner joins host Jessica Washington to unpack how apocalyptic theology, evangelical political networks, and religious-right power structures are shaping decisions from the Pentagon to the campaign trail.

    At the center of the discussion is Defense Secretary Pete Hegseth, whose public prayers for “overwhelming violence” and rhetoric about divine mission reveal how sections of the modern Christian right increasingly frame military conflict not simply as geopolitics, but as spiritual warfare. Posner argues that this worldview goes beyond symbolic religious language: it reflects a deeper ideological belief that biblical authority supersedes international law, civilian protections, and traditional diplomatic constraints.

    The conversation also traces the role of influential evangelical figures such as John Hagee, whose decades-long advocacy for confrontation with Iran ties directly into end-times prophecy and Christian Zionist doctrine. Far from fringe theology, these ideas continue to shape large sections of Trump’s political base, reinforcing a foreign policy culture where war, prophecy, and domestic nationalism increasingly intersect.

    Beyond Iran, the episode links these religious currents to broader domestic agendas—from anti-LGBTQ legislation to voting restrictions and immigration policy—showing how the same ideological infrastructure behind foreign intervention is also driving a wider effort to redefine American law, citizenship, and family life. The result is a portrait of a political movement that sees no separation between spiritual destiny, military power, and state authority.

    What began as another presidential justification for war has rapidly opened a broader debate about the forces driving American power abroad. In its latest briefing, The Intercept turns attention away from battlefield headlines and toward a political current that has long operated beneath the surface of U.S. foreign policy: the growing fusion of Christian nationalist ideology, apocalyptic belief, and state power inside the second Donald Trump administration.

    The episode arrives as Washington’s military partnership with Israel in its confrontation with Iran enters a more dangerous phase, with rising oil instability, domestic political backlash, and widening fractures inside both major parties. Yet the discussion presented by host Jessica Washington and investigative journalist Sarah Posner argues that strategic calculations alone do not explain the intensity of current rhetoric coming from senior U.S. officials. Instead, they suggest that parts of the administration increasingly frame war through a theological lens—one in which military action is not only justified politically, but sanctified spiritually.

    That argument becomes most visible in the conduct of Defense Secretary Pete Hegseth, whose recent public prayer at the Pentagon asking for “overwhelming violence” against enemies drew renewed scrutiny. For Posner, the significance lies not merely in religious language but in the specific worldview behind it. Hegseth’s association with the Communion of Reformed Evangelical Churches reflects a current of Christian Reconstructionism that views biblical authority as the supreme legal framework governing both personal and public life. Under that framework, war can become more than a strategic instrument—it becomes part of a divine obligation to defend and expand what adherents see as a Christian nation.

    The discussion carefully distinguishes this ideological current from more familiar evangelical support for Israel. Figures such as John Hagee, founder of Christians United for Israel, have spent decades promoting confrontation with Iran through a different theological narrative: one rooted in end-times prophecy, biblical signs, and the expectation that conflict in the Middle East may accelerate events leading to the return of Jesus. While Hegseth’s rhetoric reflects dominionist ideas about establishing God’s authority through state power, Hagee’s message speaks to a broader evangelical audience that sees Israel’s wars through prophetic fulfillment.

    What makes the moment politically significant is that these belief systems are no longer confined to pulpits, television ministries, or religious conferences. According to Posner, they now intersect directly with executive power, military messaging, and legislative agendas. Trump’s long alliance with white evangelical leadership has often been described by mainstream media as transactional—religious conservatives deliver votes, and Trump delivers judges. But the interview argues that the relationship has matured into something far deeper: an ideological partnership in which both sides reinforce one another’s vision of national restoration, civilizational conflict, and cultural authority.

    That framework also helps explain why debates over Iran cannot be separated from domestic policy. The same religious infrastructure influencing foreign policy is also deeply involved in campaigns against abortion rights, transgender rights, immigration protections, and secular legal norms. Posner points to new policy blueprints emerging from The Heritage Foundation, where “natural family” doctrine and anti-LGBTQ language form part of a broader project to reorder public life according to conservative Christian definitions of family, gender, and citizenship.

    The conversation also highlights an important tension emerging inside Trump’s own coalition. While evangelical support for Israel remains strong, some Catholic and nationalist figures on the populist right have begun openly questioning Israeli influence in American politics and criticizing the war with Iran. Yet even this fracture is unstable. Posner notes that some of the loudest anti-war voices on the far right often blend legitimate foreign policy criticism with conspiratorial or openly antisemitic narratives, creating a volatile ideological split rather than a coherent anti-interventionist bloc.

    Underlying all of this is a warning about infrastructure. The Christian right’s political power, Posner argues, was not built overnight and does not operate election to election. Over decades, it developed legal institutions, media ecosystems, activist training networks, educational pipelines, and political organizations capable of shaping courts, legislation, and public discourse across generations. From judicial appointments to school boards to foreign policy framing, the movement works through a layered system designed for permanence rather than short-term victory.

    In that sense, the Iran war becomes more than a foreign crisis. It becomes another window into how religious nationalism increasingly shapes the language of American power—where military force, prophecy, electoral politics, and cultural conflict are no longer separate debates but parts of a single ideological project.

    For more from the Intercept Trump’s Holy War Abroad and at Home

    Journalist Sarah Posner on how the Christian right’s end times views are shaping U.S. foreign and domestic policies.

    or listen to the full interview https://embed.acast.com/f5b64019-68c3-57d4-b70b-043e63e5cbf6/69ceea2b3a785fb94ba1ded6

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