Shell Profit Surges to Second-Highest Level on Record Amid Iran War-Driven Volatility

Shell's net profit more than doubled to $9.84 billion in the second quarter, exceeding expectations and reaching its second-highest level on record.

The British major attributed the boost to higher energy prices, increased market volatility during the Middle East conflict, and improved trading activities.

Oil and gas prices rose significantly, with Brent crude averaging about $97 a barrel in the quarter, while European benchmark gas prices averaged around €46 per megawatt-hour.

The company's share buybacks remained steady at $3 billion over the next three months, despite its operating cash flow reaching a record high since 2022.