Shell profits double as oil prices rise due to Iran war
Shell reported a massive increase in second-quarter profits, reaching $9.84 billion due to rising oil prices caused by the conflict between Iran and Israel. The company benefited from market volatility and trading opportunities despite operational disruptions in the Middle East.
Why it matters
Energy sector profits during geopolitical conflicts often trigger debates regarding windfall taxes and the impact of global instability on consumer energy costs.
Image source, Getty Images By Jennifer Meierhans and Shanaz Musafer , Business reporters Published 30 July 2026, 08:00 BST Updated 9 hours ago Shell's profits for the second quarter of the year have more than doubled after the Iran war pushed up oil prices.
The oil giant posted profits of $9.84bn (£7.37bn) for the April-to-June period, up from $4.26bn at the same point last year.
The price of crude has risen since the outbreak of the US-Israel war with Iran due to major disruption to global supplies of oil and liquefied natural gas (LNG) through the Strait of Hormuz.
But energy prices have also seen sharp swings during the conflict, which has boosted Shell's trading business.
Shell chief executive Wael Sawan said the company's "operational performance enabled very strong results during another quarter of severe disruption in global energy markets".
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