According to a Fortune article, Saudi Arabia is reaping a massive oil windfall that could make it the only winner of the Iran war, as Tehran’s proxies have inadvertently benefited the kingdom.

The report notes that Saudi exports via the Red Sea are now merely an “icing on their $100/barrel cake,” suggesting that the bulk of the kingdom’s gains come from the sustained high global oil price, which has been driven in part by geopolitical tensions. The high price level has translated into record revenue for Saudi’s state‑owned oil company, allowing the country to increase its fiscal surplus and invest in diversification projects.

Fortune also highlights that Tehran’s proxy groups, by redirecting shipping lanes and disrupting traditional maritime routes, have indirectly helped Saudi maintain its market share. While the proxies’ actions were aimed at undermining Saudi influence, the resulting instability has forced competitors to pay higher premiums for secure transit, further boosting Saudi’s export margins.

Looking ahead, the combination of robust oil prices and strategic geopolitical shifts is likely to continue supporting Saudi’s fiscal position, though the kingdom remains vulnerable to any sudden easing of global tensions or a sustained shift toward renewable energy sources. The situation underscores the complex interplay between regional conflict and global commodity markets, and how unintended consequences can reshape national fortunes.