In spring 2026, it would be naïve to speak of clear “winners” from global instability in any moral or strategic sense. Wars, sanctions, shipping disruption and energy shocks are making the world economy poorer, more fragmented and more expensive to navigate. Reuters Breakingviews put it bluntly: it is delusional to think any country can emerge as a clean winner from the Iran-related energy crisis. Yet economics is rarely symmetrical. Even when the system as a whole suffers, some countries benefit temporarily through stronger commodity revenues, safe-haven flows, defence demand, rerouted trade, or strategic relevance. The real question is therefore not who is “winning” in absolute terms, but which countries are gaining relative advantages while others come under greater strain.
The first obvious group consists of energy exporters. The World Bank said in April that energy exporters in Europe and Central Asia were likely to benefit temporarily from higher commodity prices, even as most countries in the region would face greater fiscal and current-account pressure. Reuters also reported that the IMF sees oil exporters in Latin America — especially Brazil, Colombia and Venezuela — as short-term beneficiaries of the current shock through stronger export earnings and improved public finances, even though those gains are partly offset by higher domestic fuel and food costs.

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