War in Iran is boosting profits for oil and defense companies as US gas prices soar

As Americans struggle with rising prices, Lockheed Martin, Shell and other companies are experiencing gains Two weeks into the US-Israel war with Iran, the White House was fielding heavy criticism that the conflict would drive up gas prices and frustrate voters. Donald Trump turned to Truth Social to appease Americans about gas prices, which were slowly climbing toward $4 a gallon. “The United States is the largest Oil Producer in the World, by far, so when oil prices go up, we make a lot of money,” he wrote. Now five weeks into the war, as Americans struggle with soaring gas prices and the threat of higher inflation, it is becoming clearer who is making “a lot of money”: defense contractors and oil companies. The US defense department announced on Wednesday Boeing would join Lockheed Martin to help triple the US production of missile seekers, which boosted the aerospace manufacturer’s share price. Lockheed Martin, a key defense contractor with the US government, has seen its stock jump 25% since the start of the year. Meanwhile, American-produced oil has shot up in value as Iran continues its blockade of the strait of Hormuz, where a fifth of the world’s oil and gas would typicall