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Thu, 30 Jul 2026

Thu, 30 Jul 2026 Shell profits double as oil prices rise due to Iran war

Disruption to global supplies of oil and liquid natural gas through the Strait of Hormuz has pushed up prices.
Shell's second-quarter profits have surged by over 130% to $9.84 billion, driven by higher oil prices following the Iran conflict. This brings the company's first-half earnings to $16.76 billion, a 70% increase from last year. Shell's trading business has benefited from volatile oil prices, which have risen above $120 per barrel before falling back below $100. However, some of the company's operations in Qatar have been affected by the conflict, including the shutdown of its LNG production and damage to one of its gas-to-liquids facilities. Despite this, Shell's CEO credited the company's "operational performance" for the strong results. Environmental campaigners have condemned the profits as "outrageous", arguing that they are built on an energy crisis that is exacerbating the climate crisis.