Coal Profits Soar Amid Iran War-Driven Energy Crisis

Global coal consumption has surged in recent months due to disruptions in crude oil and natural gas supplies caused by the US-Israel war on Iran. The conflict has forced countries to rely on coal, a dirtier fossil fuel, as an alternative.

Thungela Resources, a South African thermal coal producer, reported doubled profits for the first half of 2026 compared to the same period in 2025. The company's Ensham mines in Queensland produced 2.2 tonnes of coal in the first half of this year, a 38% increase from the previous period.

Asia has been particularly affected by the crisis, with countries such as Japan, South Korea, and Bangladesh increasing their use of coal-fired electricity generation to meet dwindling gas reserves. China and India, which consume 70% of the world's coal, are also major producers.

The global energy crisis may have a lasting impact on efforts to transition away from coal. Analysts warn that countries need to accelerate their shift to clean energy and electrification to safeguard themselves against future crises.