A report released by environmental organization 350.org argues that the economic consequences of the recent war between the United States and Iran will continue long after military operations end.

According to the study, the 110-day conflict caused a sharp increase in global oil and gas prices, resulting in an estimated $374 billion in additional revenue for fossil fuel companies compared with a scenario in which the war never occurred.

Although President Donald Trump signed a memorandum of understanding with Iran aimed at ending the conflict and reopening the Strait of Hormuz, the report predicts that energy prices will remain elevated for months.Using projections from the International Monetary Fund and global energy consumption data, 350.org estimates that consumers and businesses worldwide will spend an additional $199.8 billion on oil and $128.1 billion on natural gas through the end of 2026.Combined with earlier war-related costs, the organization calculates a total economic transfer exceeding $700 billion to fossil fuel producers.

The report states that these figures are conservative because they exclude broader economic impacts such as inflation, higher food prices, reduced consumer spending, lower economic output, and employment effects.Andreas Sieber of 350.org argued that the crisis demonstrates how dependence on fossil fuels can create large wealth transfers during periods of geopolitical instability and called for governments to tax excess industry profits and accelerate investment in renewable energy.The article also highlights wider humanitarian consequences.The United Nations Development Programme reportedly estimated that the conflict could push more than 32 million people into economic vulnerability.In addition, the postwar agreement includes efforts to secure at least $300 billion for Iran’s reconstruction.

Humanitarian organizations have warned that the conflict has worsened global instability, displacement, food insecurity, and other international crises.