Shell profits double as oil prices rise due to Iran war
Shell's profits for the second quarter of the year more than doubled after the Iran war pushed up oil prices. The oil giant's profits for the April-to-June period reached $9.84bn (£7.37bn) - up from $4.26bn at the same point last year. Shell chief executive Wael Sawan said the company's "operational performance enabled very strong results during another quarter of severe disruption in global energy markets".
The price of oil has soared since the outbreak of the US-Israel war with Iran due to major disruption to global supplies of oil and liquid natural gas (LNG) through the Strait of Hormuz. Together with its profits of $6.92bn for the first three months of the year, Shell has seen a 70% surge in first-half earnings. Before the conflict began, the price of Brent crude was around $73 a barrel, peaking above $120 and falling back below $100.
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Shell's profits have significantly increased in the second quarter, following a period of global energy market disruption. This surge in earnings
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