Shell Profit Surges to $9.84 Billion Amid Middle East Conflict

Shell's net profit more than doubled to $9.84 billion in the second quarter, beating analyst expectations of $8.92 billion.

The increase was driven by higher energy prices and increased market volatility during the Middle East conflict, which created opportunities for large trading businesses like Shell's.

Shell's refineries were running at 102% capacity to make the most of high fuel prices, increasing production of jet fuel by 20% from a year ago.

The company maintained its share buyback program at $3 billion over the next three months and forecast third-quarter integrated gas production and LNG liquefaction volumes.