Oil Prices Soar as Shell Rakes in $9.84 Billion in Q2 Profits

Shell's profits have skyrocketed to $9.84 billion for the second quarter, more than double the $4.26 billion recorded during the same period last year.

This dramatic increase comes after global oil prices surged following the conflict involving Iran, which disrupted supplies of crude oil and liquefied natural gas (LNG) passing through the Strait of Hormuz.

Combined with first-quarter profits of $6.92 billion, Shell's earnings for the first half of the year have risen by around 70%.

Shell chief executive Wael Sawan attributed the company's strong performance to its operational efficiency and ability to capitalize on market volatility.