20th May 2026
EP
Shell has reported a sharp rise in quarterly profits as global oil prices increased during the Iran conflict.
The company earned $6.92 billion in the first three months of the year, up from $5.58 billion a year earlier and above market expectations.
The rise came as oil prices surged following disruptions around the Strait of Hormuz, a key global energy supply route.
Shell said stronger oil trading and refining operations boosted earnings, although its oil and gas production fell by 4% due to the conflict. The company’s LNG operations in Qatar have also been affected.
Shell CEO Wael Sawan said the company delivered strong results despite major disruption in global energy markets.
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