Shell Profits Soar as Oil Prices Skyrocket

Shell's profits more than doubled in its second quarter of the year, driven by a significant jump in oil and gas prices. The FTSE 100 company's net profit reached $9.84bn (£7.4bn) in the three months ended June, up from the same period last year. This surge is largely due to the conflict in the Middle East, which has disrupted global energy markets and led to a substantial increase in wholesale energy prices.

The global oil price has risen from around $61 a barrel in January to highs of $126 at the end of April. Brent crude, the international benchmark, currently trades at $93.18 a barrel. Despite this, Shell's integrated gas division experienced a 30% drop in production due to damage at its assets at the Ras Laffan liquefied natural gas (LNG) complex in Qatar.

Shell's chief executive, Wael Sawan, acknowledged 'severe disruption' in global energy markets. Environmental campaigners have responded by calling for taxes on big oil companies to fund support for households affected by rising energy costs.