As Big Oil executives gathered this week and discussed the biggest-ever disruption to global energy supplies due to the war in Iran, there was one impact they did not address publicly: the multibillion-dollar windfall they will make because of soaring prices for the energy they sell.

The situation could resemble 2022, when Big Oil broke records for profit after Russia's February invasion of Ukraine rocked energy markets. That year, oil companies rewarded shareholders with record dividends and share repurchases. Public outrage sparked calls for windfall-profit taxes.

"The first quarter is going to be phenomenal for these companies. I don't think there's any way around that," said Leo Mariani, a senior research analyst at Roth Capital Partners.