Shell Profits Soar as Iran War Drives Oil Prices Higher

Shell's profits more than doubled in the second quarter of this year due to rising oil prices caused by the Iran war. The company posted profits of $9.84 billion for the April-to-June period, up from $4.26 billion at the same point last year.

The price of crude has risen since the outbreak of the US-Israel war with Iran, leading to a major disruption in 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 said that the company's 'operational performance enabled very strong results during another quarter of severe disruption in global energy markets.'

The Iran war has had a significant impact on oil prices, with Brent crude peaking above $120 but also falling back below $100 as speculation swirled over when the Strait of Hormuz would reopen.

However, the conflict has also affected some of Shell's operations, including its LNG production in Qatar, which was shut down since early March due to the conflict. The company's Pearl gas-to-liquids facility in Qatar suffered 'extensive damage' when it was hit by a missile attack in March.

Environmental campaigners reacted with anger to the latest results, saying that Shell is making huge profits while continuing to fuel the climate crisis. They argued that these profits have been built on an energy crisis that's left households across the country struggling with high energy bills at home and expensive fuel at the pumps.