Shell has reported a sharp rise in quarterly profits, with earnings more than doubling as escalating conflict involving Iran sent global oil prices soaring and boosted trading activity across energy markets.
The energy giant posted $9.84 billion in profit for the second quarter of 2026, more than double the $4.26 billion recorded during the same period last year.
Combined with its $6.92 billion first-quarter profit, Shell’s earnings for the first half of the year surged by 70 per cent, reflecting the impact of higher oil prices and increased volatility in global energy markets.
Chief Executive Officer Wael Sawan attributed the strong performance to the company’s operational resilience during a turbulent period for the energy sector.
“Our operational performance enabled very strong results during another quarter of severe disruption in global energy markets,” Sawan said.
The latest earnings were largely driven by a sharp increase in oil prices following the outbreak of conflict involving the United States, Israel and Iran.
Concerns over potential disruptions to oil and liquefied natural gas (LNG) shipments through the Strait of Hormuz, one of the world’s busiest energy transit routes, triggered a surge in crude prices.
Before the conflict, Brent crude, the global oil benchmark, traded at around $73 per barrel. Prices later climbed above $120 per barrel before easing to below $100 as expectations grew that shipping through the strategic waterway could resume.
The volatility created favourable trading conditions for major energy companies, as wider price swings typically increase opportunities for profits from buying and selling crude and refined products.
Shell is not alone in benefiting from the market turbulence.
Other major energy companies, including BP and Norway’s Equinor, have also reported stronger earnings this year as higher oil prices and increased trading activity boosted revenues.
The latest results underline how geopolitical tensions continue to shape the fortunes of global energy producers. While higher crude prices often translate into stronger profits for oil companies, they also contribute to rising fuel costs and inflationary pressures for consumers and businesses worldwide.
With uncertainty surrounding developments in the Middle East persisting, energy markets are expected to remain highly volatile, leaving oil producers well-positioned to benefit if elevated prices continue.
