Shell profits double as oil prices rise due to Iran war
Summary
Shell’s profits for the second quarter of 2026 more than doubled compared to last year, reaching $9.84 billion. The rise in oil prices followed the outbreak of a war involving Iran, which disrupted global oil and gas supplies through the key shipping route, the Strait of Hormuz.Key Facts
- Shell earned $9.84 billion in profits from April to June 2026, up from $4.26 billion in the same period last year.
- The US-Israel war with Iran caused major disruptions to oil and liquid natural gas supply via the Strait of Hormuz.
- Oil prices increased sharply, with Brent crude rising from about $73 per barrel before the conflict to above $120 at peak.
- Shell’s CEO Wael Sawan said the company’s strong operations helped it achieve high profits despite energy market disruptions.
- Shell’s total earnings in the first half of 2026 rose by 70% compared to last year, totaling over $16 billion.
- Other energy companies like BP and Equinor also saw large profits this year due to oil price changes.
- Large shifts in oil prices allow traders to profit more by buying and selling at wider price differences.
- The Strait of Hormuz remains a critical oil route, and its closure impacts global energy markets significantly.
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