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Thu, 07 May 2026

Thu, 07 May 2026 Shell latest oil giant to see profits surge due to Iran war impact

The energy giant's profits jump by nearly a quarter as it benefits from the recent volatility in the oil price

* Shell reported profits of $6.92bn (£5.1bn) for the first three months of the year, up from $5.58bn in the same period a year earlier.
* The price of oil has soared since the start of the US-Israel war with Iran, with Brent crude peaking above $120 at one point.
* Shell's profits were boosted by better results from its oil trading business and higher margins at its refining business.
* The company's LNG production in Qatar has been shut down since early March due to the conflict, and its Pearl GTL site has been damaged by attacks.
* Shell's oil and gas output fell by 4% compared with the final three months of last year due to the conflict.
* The UK energy price cap is currently estimated to rise by about £200 when it is revised in July, affecting household bills.
* Maersk, a Danish shipping giant, said it was passing on rising costs due to the war to its customers, adding half a billion dollars of extra costs per month.
* Energy firms operating in the UK are subject to a windfall tax, but the levy only applies to profits made from extracting oil and gas in the UK.