Shell profits double as oil prices rise due to Iran war
Shell reported that its second-quarter profits more than doubled to $9.84 billion due to rising oil prices caused by the conflict between the U.S., Israel, and Iran. The disruption in the Strait of Hormuz has significantly impacted global energy markets.
Why it matters
The report illustrates the direct correlation between geopolitical conflict in the Middle East and the financial performance of global energy corporations.
Image source, Getty Images By Jennifer Meierhans Business reporter Published 30 July 2026, 08:00 BST Updated 33 minutes 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's profits for the April-to-June period reached $9.84bn (£7.37bn) - up from $4.26bn at the same point last year.
The price of oil has soared since the outbreak of the US-Israel war with Iran due to major disruption to global supplies of oil and liquid natural gas (LNG) through the Strait of Hormuz.
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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