Shell profits rise as Iran war pushes oil prices higher
Summary
Shell's profits rose to $6.92 billion in the first three months of the year, helped by higher oil prices after the war involving Iran began. The conflict caused the Strait of Hormuz to close, reducing oil supply and raising prices, which also helped Shell's oil trading business make more money.Key Facts
- Shell earned $6.92 billion in profits from January to March 2024, up from $5.58 billion last year.
- Oil prices rose sharply due to the war involving Iran and the closure of the Strait of Hormuz.
- About 20% of the world's oil and natural gas usually passes through the Strait of Hormuz.
- Rival company BP reported that its profits more than doubled in the same period.
- Shell’s oil and gas production fell by 4% because its gas plant in Qatar was damaged during the conflict.
- Shell’s profits were supported by gains in its oil trading business, which benefits from price changes.
- Shell’s CEO Wael Sawan highlighted their focus on safe operations and working with governments amid energy market challenges.
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