Shell Profits Soar as War Fuels Oil Prices

British energy giant Shell reported a significant surge in net profit for the second quarter of this year, driven by soaring oil prices due to the ongoing Middle East war. The company's net profit tripled to $10.8 billion in the period from April to June compared to $3.6 billion in the same period last year.

The increase in oil prices was so substantial that even energy majors like Shell, which are involved in trades, profited significantly from their activities. Crude futures remained above pre-war levels by Thursday, with Shell's revenue jumping 45% to $96.4 billion in the second quarter compared to the same period last year.

However, Shell noted that higher realized prices were partly offset by lower volumes due to the impact of the Middle East conflict on their operations. The company's gas production declined to 631,000 barrels of oil equivalent daily from 909,000 barrels per day in the first quarter, mainly due to damage at Qatar's Ras Laffan liquefied natural gas hub.

The news prompted a reaction from environmental groups, who criticized the massive earnings and returns to shareholders. Greenpeace described the numbers as 'obscene' and linked them to severe climate events worldwide.