The Iran conflict is creating a widening divide between companies benefiting from higher commodity prices and those absorbing rising energy, transportation and borrowing costs. A recent announcement by PwC that its revenue in the U.K. and Middle East declined by 3% underscores the conflict’s continuing impact on corporations and financial institutions.

Persistently high oil prices are also pushing inflation higher and making corporate pricing strategies more challenging. With the Federal Reserve raising interest rates, borrowing costs are climbing as well. Investors should watch which companies can pass those higher costs along — and which could see profits and capital spending come under increasing pressure.

Which Companies Are Benefiting?

Major energy producers and financial institutions have posted massive revenue and profit increases from........

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