Commodities
Shell Profit Soars as Middle East Conflict Drives Oil Prices Higher
Global energy markets are still grappling with supply disruptions linked to the conflict involving the United States, Israel, and Iran. The tensions have significantly affected crude oil and liquefied natural gas prices through the Strait of Hormuz, one of the world's most important energy shipping routes.
Energy giant Shell has benefited from this market volatility, reporting a sharp increase in second-quarter earnings to $9.84 billion (£7.37 billion), more than double the $4.26 billion recorded during the same quarter last year.
The strong performance comes after Brent crude prices surged to over $120 per barrel before retreating to below $100 amid speculation over when shipping through the Strait of Hormuz could fully normalize.