The global winners and losers of the war in Iran

From soaring heating oil bills for homes in Yorkshire to bill-saving school closures in Pakistan, the financial fallout from the war in the Middle East is already being keenly felt.

It is increasingly clear that the impact of Tehran's retaliation, designed to trigger economic disruption and damage, may not be fleeting. Moreover, it's very uneven.

Alongside a hefty catalogue of those who risk being hard hit, there are some who are benefiting. So who are they?

For all the efforts to pursue renewable energy, we remain hugely reliant on oil and gas. Plentiful reserves tend to promise great riches, hence crude has been labelled "black gold". When prices rise, producers are typically quids in, while users are out of pocket.

But this is not your usual oil price shock.

The Middle East remains the heart of supply, the Strait of Hormuz its main artery.

The impact of a de facto blockage and attacks on energy infrastructure in the region has hit Gulf producers like Qatar and Saudi Arabia hard, as Tehran targets America's allies.

As customers seek alternative sources, it's the likes of Norway and Canada who may gain.

After Russia invaded Ukraine in 2022, and when many countries sought to move away from relying on Russian gas, Norway was able to ramp up production and take advantage.

Meanwhile, Canada's Energy Minister Tim Hodgson has been quick to position his nation as "a stable, reliable, predictable, values-based producer of energy", but there are questions about how much it can raise production.

Instead, it's Russia that could be the biggest winner. As Washington relaxes the rules to ease the global supply crunch, Russia's crude oil sales to India have jumped by 50%.

Some estimates say that Moscow could earn up to $5bn (£3.7bn) more by the end of March, and could be on track for its biggest year of fuel-related revenues since 2022.