U.S.-Israel Bombing of Iran Drives Oil Prices and Family Profits

Six months after the United States and Israel began bombing Iran on February 28, 2026, the conflict has created uneven global economic pressures. While a worldwide recession did not occur, Brent crude oil prices peaked near $120 a barrel and fertilizer costs rose by 44%, leading the World Food Programme to warn that tens of millions of people in Asia and Africa face increased hunger risks.

Donald Trump and his family have seen financial gains during the campaign. Military contractor Powerus, linked to Eric and Donald Trump Jr., secured a $90 million Air Force contract, and the president's personal holdings in energy and military stocks have increased. The White House denies any conflicts of interest, though the war remains unpopular as midterm elections approach.

Global markets initially declined but recovered by late March, driven by enthusiasm for artificial intelligence. The instability in the Persian Gulf has also accelerated the adoption of renewable energy and electric vehicles in countries dependent on the region's oil. The International Monetary Fund reports that the current global economy is being shaped by the opposing forces of the war and AI growth.