As the war against Iran roils energy markets and heightens geopolitical uncertainty, an analysis by State Bank of India’s research division argues that the conflict could produce an unexpected economic winner. According to the SBI Research report, the United States may emerge as “the single (most) beneficiary of the extended war in the Middle East thanks largely to Oil & Gas.” The reasoning rests on a structural shift already underway in global energy markets. Europe’s rapid break from Russian gas since the Ukraine war and its growing dependence on liquefied natural gas (LNG), much of which now comes from the US. If conflict in the Middle East continues to disrupt supplies and drive prices higher, American energy exporters could capture a large share of the windfall.