Shell reported that its profits for the second quarter more than doubled, driven by surging oil prices linked to the war involving Iran. During the period spanning April to June, the company generated $9.84 billion, a significant increase from the $4.26 billion recorded in the same quarter last year.
Global energy supplies, particularly oil and liquid natural gas, have faced major disruptions in the Strait of Hormuz since the start of the US-Israel conflict with Iran. This volatility has led to sharp price fluctuations, which often increase profit margins for traders. CEO Wael Sawan noted that Shell maintained strong operational results despite the unstable global energy environment. When combined with the $6.92 billion earned in the first quarter, the company has experienced a 70% increase in earnings for the first half of the year.
Other major energy firms, including Equinor and BP, have similarly reported high earnings, benefitting from market volatility. Brent crude oil prices rose from approximately $73 per barrel before the conflict to peaks exceeding $120, later settling below $100 amid uncertainty regarding the reopening of key shipping routes.
