Which Countries Profited Most From the Global Oil Shock

The closure of the Strait of Hormuz has jolted energy markets, pushed oil prices to highs, and created windfall profits for exporters outside the Persian Gulf. While importers in Asia and Europe are paying more, countries such as the United States, Norway, Russia, Brazil and Guyana are capturing market share and billions in extra revenue. Analysts say the race is to cash in before the market shifts again.

The United States is the biggest winner. It became a net crude oil exporter for the first time since World War II, and in March-April 2026 it earned nearly $11 billion more from crude exports than in the same period in 2025, with refined products roughly doubling that gain. Prof. Yehoshua Kressna said there was real concern about a US gasoline shortage and pressure on Donald Trump to curb exports, but he refused. Oil has also raised inflation and could delay, or even reverse, interest-rate cuts, said Bank Leumi economist Or Azran. Gasoline prices remain about $4.1 a gallon, down from $4.5 in May but well above $3.1 a year ago.

Norway, with fewer than 6 million people, is using the surge to enlarge its more than $2 trillion sovereign wealth fund. Its crude exports rose from about $6.4 billion in March-April 2025 to $12.4 billion in the same months this year, while its gas exports make it the EU's largest gas supplier. Russia, by contrast, exported fewer barrels because of Ukrainian attacks on energy infrastructure, but higher prices still lifted its crude revenue by $7 billion year on year in March-April 2026. The price spike also narrowed the discount on Russian Urals crude after temporary US sanctions relief expired.

In South America, Brazil and Guyana are adding new supply, though at different speeds. Brazil exported $10 billion in crude in March-April 2026, up from $7.1 billion a year earlier, but limited exports with a 12% crude tax and a 50% diesel tax to shield domestic consumers. Guyana, whose first oil production began in 2019, has seen per-capita GDP quadruple from 2020 to 2024. Venezuela has also doubled oil export volumes after signing deals with US companies, though Azran said corruption remains severe and most of the gains may not reach ordinary people.