Middle East crisis could cost world $1tn while oil firms make ‘obscene’ profit, analysis finds
The ongoing crisis in the Middle East is projected to cost the global economy up to $1 trillion, while oil companies are experiencing significant profit increases. The disparity between the financial gains of petroleum firms and the hardships faced by ordinary people has raised calls for a windfall tax on excess profits. Activists and government representatives at a conference in Colombia are advocating for a transition away from fossil fuels and investment in renewable energy.
- ▪The Middle East oil crisis could impose up to $1 trillion in additional costs on the global economy.
- ▪Oil companies are reporting record profits amid rising fuel prices linked to the conflict.
- ▪Activists are calling for a windfall tax on excess profits to support social protection and renewable energy investments.
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A ‘make polluters pay’ protest demanding oil companies pay for the energy transition, on the coast during the nearby conference in Santa Marta on Monday. Photograph: Iván Valencia/APView image in fullscreenA ‘make polluters pay’ protest demanding oil companies pay for the energy transition, on the coast during the nearby conference in Santa Marta on Monday. Photograph: Iván Valencia/APFossil fuelsMiddle East crisis could cost world $1tn while oil firms make ‘obscene’ profit, analysis findsClimate group calls for urgent windfall tax on excess fossil fuel profits, as delegates tell Colombia conference their nations are sufferingJonathan Watts and Fiona Harvey in Santa Marta, ColombiaTue 28 Apr 2026 07.00 EDTLast modified on Tue 28 Apr 2026 07.02 EDTSharePrefer the Guardian on GoogleThe…
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