Shell's Profits Soar on Back of Iran War Oil Price Spikes

Oil giant Shell has seen its profits more than double in the second quarter of this year due to rising oil prices caused by the Iran war. The company's earnings for April to June reached $9.84 billion, up from $4.26 billion at the same point last year. This surge is largely attributed to increased tensions between the US and Iran, which have disrupted global supplies of oil through the Strait of Hormuz.

The price of Brent crude, the global benchmark for oil prices, has peaked above $120 since the conflict began. However, it has also fallen back below $100 as speculation swirls over when the Strait of Hormuz will reopen.

Shell's chief executive, Wael Sawan, attributed the company's 'operational performance' to its strong results during a quarter of severe disruption in global energy markets.