Energy giant Shell has reported a major rise in quarterly profits as oil and gas prices climbed during the ongoing conflict involving Iran. The company announced earnings of around $6.9 billion for the first quarter of 2026, exceeding analyst expectations and marking one of its strongest performances in recent years.
The increase in profits came as global energy markets reacted to disruptions linked to the conflict in the Middle East, including concerns over shipping routes and supply flows through the Strait of Hormuz. Higher crude oil prices boosted trading revenues for major energy companies, including Shell and other multinational oil producers.
The results have triggered criticism from climate activists and campaign groups, who argue that oil companies are benefiting financially from war-driven price spikes while consumers face rising fuel and energy costs. Some campaigners have renewed calls for higher windfall taxes on fossil fuel companies, while Shell defended its results as part of normal market operations during a volatile period.
