Due to higher oil prices brought on by the Iran war, Shell’s profits for the second quarter of this year more than doubled.
For the April–June period, the oil giant reported profits of $9.84 billion (£7.37 billion), up from $4.26 billion at the same time last year.
Due to significant disruptions to the world’s oil and LNG supplies via the Strait of Hormuz, the price of crude has increased since the start of the US-Israel war with Iran.
However, the battle has also caused significant fluctuations in energy prices, which have helped Shell’s trading business.
“Operational performance enabled very strong results during another quarter of severe disruption in global energy markets,” stated Wael Sawan, CEO of Shell.When combined with its $6.92 billion in profits for the first three months of the year, this indicates that Shell’s first-half earnings have increased by 70%.
Due in part to speculating on fluctuations in oil prices, Shell and other energy behemoths like BP and Norway’s Equinor have enjoyed enormous profits this year.
The price of Brent crude, the world standard for oil prices, was about $73 per barrel prior to the start of the conflict.
Since then, concern about when the Strait of Hormuz will reopen has caused it to both rise above $120 and plummet back below $100.
Large fluctuations in the price of oil can increase the difference between buying and selling prices, which usually allows traders to profit more.
However, some of Shell’s operations have also been impacted by the Middle East conflict.
Due to the crisis, its LNG production in Qatar has been suspended since early March, and a missile attack in March caused “extensive damage” to its Pearl gas-to-liquids complex. According to the company, repairs can take up to a year.
According to the company, total gas output decreased from 909,000 barrels of oil equivalent per day in the first quarter to 631,000 barrels per day in the April–June period.
Although Shell did highlight new oil production in Brazil and the Gulf of America, overall oil and gas production in the first half of the year decreased 16% from the first half of 2025.According to Maurizio Carulli, global energy analyst at Quilter Cheviot, “the most notable contribution came from Shell’s trading operation, which once again demonstrated the value of its integrated business model, supported by healthy refining and chemicals performance and robust production growth in Brazil.
“In a sector where things can change quickly, [Shell] continues to be a reliable ship.”
However, the most recent findings infuriated environmental activists.
Danny Gross, an energy campaigner for Friends of the Earth, stated, “It’s outrageous that Shell is making huge profits while continuing to fuel the climate crisis, with extreme heatwaves and wildfires hitting the UK and ravaging Europe.
“The foundation of these gains has been the nation’s energy crisis, which has left consumers grappling with pricey petrol at the pump and high energy bills at home. This emphasizes how vital it is to reduce our reliance on pricey gas and oil.
