Argentina, Brunei and Gabon are not three countries that one would assume have much in common. But they are among a small group of energy producers that are turning out to be the big winners from the war with Iran, writes Clyde Russell for "Reuters".
The focus on the conflict with Iran has largely been on the rising cost the world is paying for higher crude oil and natural gas prices due to the virtual closure of the Strait of Hormuz.
Rising inflation, disrupted supply chains and the growing risk of shortages of refined products, fertilizers and materials for processing metal ores mean that eventually every country is paying a price.
But there are countries for which higher prices for crude oil, refined products and liquefied natural gas (LNG) bring huge benefits that so far outweigh the costs of rising inflation.
Brunei — The sultanate on the island of Borneo in Southeast Asia, with a population of just under 500,000, is a good example.
The country has increased its exports of crude oil, refined products and LNG since the war began on February 28 to take advantage of high prices in Asia, the region hardest hit by the strait closure.
Brunei's crude oil exports reached 2.74 million barrels in April, the highest level in three months and up 51% from 1.81 million barrels in April 2025, according to Kpler data.
Kpler estimates that Brunei's refined product shipments will reach 4.16 million barrels in May, the highest level since July last year, as Australia, the world's largest diesel importer, continues to import more crude oil. is the main destination.
Brunei's LNG exports are expected to reach 330,000 metric tons in May. That's down from 370,000 tons in April, but well above the 280,000 tons from May 2025.
Brunei has not only increased export volumes, but also benefited from significantly higher prices, especially for refined products.
Jet fuel prices in Singapore closed at $139.18 a barrel on Tuesday, ahead of a public holiday on Wednesday. While down from a record high of $242.06 on March 30, they are still 49% higher than pre-war levels.
The price of gas oil in Singapore — the main component for diesel — ended at $138.68 a barrel on Tuesday, up 52% since the conflict began. Both mid-range distillates are outpacing a 30% gain in benchmark Brent crude futures, which closed at $94.29 on Wednesday.
There are also larger exporters benefiting from the loss of at least 10% of the world’s crude and about a fifth of its LNG, blocked by the closure of the Strait of Hormuz.
Although the Strait passes through Oman, the country’s exports are outside the narrow waterway and largely unaffected by the conflict.
Oman is expected to export 31.58 million barrels of crude in May — the highest level since October, and refined product exports are expected to rise to a record 17.39 million barrels, according to Kpler.
Oman's LNG exports are forecast at 1 million tons in May — a slight decrease from 1.09 million tons in April, but up 830,000 tons from May last year.
African oil producers are also enjoying a boost, especially since much of their crude is of medium API gravity — similar to the oil that disappeared from the market due to the war.
Angola is expected to export 31.86 million barrels of crude in May — up from 29.12 million in April but down from 37.56 million in May, which was the highest level in the last year.
The southwest African country is also expected to export 420,000 tons of LNG in May, maintaining a stable level of supplies of the supercooled fuel.
Gabon's crude oil exports are forecast to reach 7.28 million barrels in May — the highest level since September, with the buyer structure having shifted strongly towards Asia since March.
Latin American exporters are also gaining, with Argentine crude oil exports reaching a record 9.89 million barrels in May — more than double the volume in February.
Argentina shipped just 700,000 barrels of crude oil to Asia in the last quarter of 2025, but delivered 7.21 million barrels in the three months from March to May.
Other countries on the list of winners include Guyana, Nigeria, Algeria and Malaysia.
What they have in common is that they not only export crude oil, but also export refined products or are at least self-sufficient in refined fuels, and some have the added advantage of producing LNG.
Furthermore, some of these countries have large domestic agricultural sectors, which will help them protect themselves from food inflation caused by rising costs of inputs such as fertilizer and diesel.