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As the conflict triggers economic disruption some risk being hit hard, while others stand to benefit.
Watch LiveBritish Broadcasting CorporationHomeNewsSportBusinessTechnologyHealthCultureArtsTravelEarthAudioVideoLiveDocumentariesHomeNewsUS & CanadaUKUK PoliticsEnglandN. IrelandN. Ireland PoliticsScotlandScotland PoliticsWalesWales PoliticsAfricaAsiaChinaIndiaAustraliaEuropeLatin AmericaMiddle EastIn PicturesBBC InDepthBBC VerifySportBusinessWorld of BusinessTechnology of BusinessNYSE Opening BellTechnologyWatch DocumentariesArtificial IntelligenceAI v the MindHealthWatch DocumentariesCultureWatch DocumentariesFilm & TVMusicArt & DesignStyleBooksEntertainment NewsArtsWatch DocumentariesArts in MotionTravelWatch DocumentariesDestinationsAfricaAntarcticaAsiaAustralia and PacificCaribbean & BermudaCentral AmericaEuropeMiddle EastNorth AmericaSouth AmericaWorld’s TableCulture & ExperiencesAdventuresThe SpeciaListEarthWatch DocumentariesScienceNatural WondersClimate SolutionsSustainable BusinessGreen LivingAudioPodcast CategoriesRadioAudio FAQsVideoWatch DocumentariesBBC MaestroDiscover the WorldLiveLive NewsLive SportDocumentariesHomeNewsSportBusinessTechnologyHealthCultureArtsTravelEarthAudioVideoLiveDocumentariesWeatherNewslettersWatch LiveThe global winners and losers of the war in Iran 7 hours agoShareSaveDharshini DavidDeputy economics editorShareSaveSedat Suna / Gett ImagesOil producers in the Middle East have faced significant challenges with the Strait of Hormuz blocked due to the conflictFrom soaring heating oil bills for homes in Yorkshire to bill-saving school closures in Pakistan, the financial fallout from the war in the Middle East is already being keenly felt.
It is increasingly clear that the impact of Tehran's retaliation, designed to trigger economic disruption and damage, may not be fleeting. Moreover, it's very uneven.
Alongside a hefty catalogue of those who risk being hard hit, there are some who are benefiting. So who are they?
For all the efforts to pursue renewable energy, we remain hugely reliant on oil and gas. Plentiful reserves tend to promise great riches, hence crude has been labelled "black gold". When prices rise, producers are typically quids in, while users are out of pocket.
The Middle East remains the heart of supply, the Strait of Hormuz its main artery.
The impact of a de facto blockage and attacks on energy infrastructure in the region has hit Gulf producers like Qatar and Saudi Arabia hard, as Tehran targets America's allies.
As customers seek alternative sources, it's the likes of Norway and Canada who may gain.
After Russia invaded Ukraine in 2022, and when many countries sought to move away from relying on Russian gas, Norway was able to ramp up production and take advantage.
Meanwhile, Canada's Energy Minister Tim Hodgson has been quick to position his nation as "a stable, reliable, predictable, values-based producer of energy", but there are questions about how much it can raise production.
Instead, it's Russia that could be the biggest winner. As Washington relaxes the rules to ease the global supply crunch, Russia's crude oil sales to India have jumped by 50%.
Some estimates say that Moscow could earn up to $5bn (£3.7bn) more by the end of March, and could be on track for its biggest year of fuel-related revenues since 2022.
America risks handing Moscow a hefty windfall at the expense of Gulf nations. There are other potential gainers too.
As some countries ramp up their use of coal, it is a tantalising oppo
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