Shell profits double as oil prices rise due to Iran war
Shell reported a significant profit increase for the second quarter, driven by rising oil prices resulting from the conflict between Israel and Iran. Despite these gains, the company faced operational challenges, including damage to its facilities in Qatar.
Why it matters
The report highlights how geopolitical instability in the Middle East directly impacts global energy markets and the profitability of major oil corporations.
Share Save Add as preferred on Google Jennifer Meierhans and Shanaz Musafer , Business reporters Getty Images 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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