Argentina, Brunei and Gabon are not three countries that would appear to have much in common. But they are in a small group of energy producers that are big winners from the war against Iran.
The focus from the Iran conflict has largely been on the increasing cost the world is having to pay through higher crude oil and natural gas prices resulting from the effective closure of the Strait of Hormuz.
Rising inflation, disrupted supply chains and the mounting risk of shortages of refined products, fertilisers and materials to process metal ores mean that ultimately every country is paying a price.
But there are countries where higher prices for crude oil, refined products and liquefied natural gas (LNG) are providing huge benefits that, so far, outweigh the cost of rising inflation.
Brunei, a sultanate on the Southeast Asian island of Borneo with a population of just under 500,000, is a good example.
It has increased exports of crude oil, refined products and LNG since the war started on February 28 in order to capture the high prices on offer in Asia, the region most affected by the strait's closure.
Brunei's exports of crude oil were 2.74 million barrels in April, the most in three months and up 51 per cent from the 1.81 million barrels in April 2025, according to data compiled by commodity analysts Kpler.
Kpler estimates Brunei's shipments of refined products will hit 4.16 million barrels in May, the most since July last year, with Australia, the world's biggest importer of diesel, the top destination.
Brunei's exports of LNG are expected to reach 330,000 tonnes in May, down from 370,000 tonnes in April but well above the 280,000 tonnes from May 2025.
Not only has Brunei increased export volumes, it will be enjoying far higher prices, especially for refined products.
Jet fuel prices in Singapore ended at $139.18 a barrel on Tuesday, prior to Wednesday's public holiday, and while they have retreated from the record high of $242.06 on March 30, they are still 49 per cent higher than before the war.
The Singapore price of gasoil, the building block for diesel, ended at $138.68 a barrel on Tuesday, up 52 per cent since the start of the conflict, with both middle distillates outpacing the 30 per cent rise in benchmark Brent crude oil futures , which ended at $94.29 on Wednesday.
There are also bigger exporters that are benefiting from the loss of at least 10 per cent of global crude oil and about one-fifth of LNG that is shut-in by the closure of the Strait of Hormuz.
Although the strait passes through its territory, Oman's exports are outside the narrow waterway and have been largely unaffected by the conflict.
Oman is forecast to ship 31.58 million barrels of crude in May, the most since October, while exports of refined products are expected by Kpler to rise to a record high of 17.39 million barrels.
LNG exports from Oman are forecast at 1.0 million tonnes in May, down slightly from April's 1.09 million, but ahead of the 830,000 tonnes from May last year.
African oil producers are also enjoying a boon, especially since much of their crude is medium in API gravity - similar to the oil that has been lost to 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 below the 37.56 million in May, which was the highest in a year.
The southwest African nation also is expected to ship 420,000 tonnes of LNG in May, maintaining a consistent level of exports of the super-chilled fuel.
Gabon's crude oil exports are forecast to reach 7.28 million barrels in May, the most since September, and the mix of buyers has shifted strongly towards Asia since March.
Latin American exporters are also cashing in, with Argentina's crude exports hitting a record high of 9.89 million barrels in May, more than double the volume in February.
Argentina sent only 700,000 barrels of crude to Asia in the last quarter of 2025, but has shipped 7.21 million barrels in the three months from March to May.
Other countries on the winners' list include Guyana, Nigeria, Algeria and Malaysia.
The common thread is that they not only export crude, they also export products or are at least self-sufficient in refined fuels, and some enjoy the added bonus of producing LNG.
In addition, several have large domestic agricultural sectors, which will help insulate them from food inflation caused by rising input costs such as fertiliser and diesel.
(By Clyde Russell, Editing by Edwina Gibbs)
