Shell Profits Soar 130% Amid Iran Conflict-Driven Oil Price Hikes

Oil giant Shell's profits have more than doubled in the second quarter due to the ongoing conflict in Iran, which has pushed up oil prices. The company posted a profit of $9.84 billion for the April-to-June period, up from $4.26 billion at the same point last year. This marks a significant increase of 130% and brings Shell's total profits for the first half of the year to a 70% surge in earnings.

The price of crude has risen since the outbreak of the US-Israel war with Iran due to major disruption to global supplies of oil and liquefied natural gas (LNG) through the Strait of Hormuz. Energy prices have also seen sharp swings during the conflict, which has boosted Shell's trading business.

Shell chief executive Wael Sawan attributed the company's strong results to 'operational performance' despite the severe disruption in global energy markets. However, environmental campaigners reacted with anger to the latest results, citing the ongoing climate crisis and the need for the world to transition away from oil and gas.