Shell Soars on War-Driven Oil Prices, Earnings

Shell's net profit tripled to $10.8 billion in the second quarter of this year, driven by the ongoing Middle East war and soaring oil prices.

The company reported a 45% jump in revenue to $96.4 billion, with higher realised prices partly offset by lower volumes due to the conflict.

Shell's gas production suffered significantly, plummeting from 909,000 barrels of oil equivalent daily to 631,000 in the April-June period.

The company's share price rose 1.6% following the earnings update, with analysts attributing the strong results to record-breaking upstream production and refinery utilisation in Brazil.

However, NGOs have slammed Shell's massive profits, linking them to severe climate events such as wildfires, floods, and droughts.