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 major 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 has helped Shell’s trading business. The company’s “operational performance enabled very strong results during another quarter of severe disruption in global energy markets,” according to Shell CEO Wael Sawan.
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.
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