Shell profits rise as Iran war pushes oil prices higher
The energy giant reports profits of $6.92bn for the first three months of the year.
Coverage by Political Leaning
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Notable Quotes
"Shell delivered strong results enabled by our relentless focus on operational performance in a quarter marked by unprecedented disruption in global energy markets."
— Wael Sawan , Executive
"Fossil fuel giants are pocketing monstrous profits while drivers are being squeezed at the petrol pump and households are set to pay higher energy bills."
— Danny Gross , Activist
"While people around the world struggle with soaring energy costs, Shell is raking in billions in added profit."
— Anne Jellema , Activist
"a deal with Iran to end the war was 'very possible' after 'very good talks' over the past 24 hours."
— Donald Trump , Politician
"These windfall profits are the result of war, not strategy. The underlying business model remains untenable as fossil fuel demand will enter structural decline soon."
— Mark van Baal , Activist
"The importance of reliable, flexible generation to balance the system continues to increase, keeping energy supplies secure and affordable."
— Chris O’Shea , Executive
"After the announcement of the initial ceasefire, there was kind of optimism that this really could be the beginning of the end of the conflict."
— Rob Smith , Academic
"Not much of a mystery here."
— Bob Kleinberg , Academic
"Iran had been moving an unusually high amount of oil to global markets, so that was helping moderate prices."
— Jim Krane , Academic
Key People
Executive director of the climate campaign group 350.org.
Adjunct senior research scholar at the Columbia University Center on Global Energy Policy.
Chris O'Shea is the CEO of Centrica, a leading energy company.
Climate campaigner at Friends of the Earth.
Former president of the United States known for his aggressive economic policies.
Jim Krane is an Energy Research Fellow at Rice University.
Mark van Baal is the CEO of the Follow This campaign advocating for fossil fuel companies to adopt sustainable practices.
Director of global fuel retail at S&P Global Energy.
CEO of Shell.
Tags
All Coverage
The energy giant reports profits of $6.92bn for the first three months of the year.
Shell reported a 115% increase in first-quarter profits to $6.9 billion, attributing gains to higher oil and gas prices during the Iran conflict, sparking criticism from climate activists.
Shell's quarterly earnings more than doubled to $6.9 billion, leading to market optimism and criticism from climate campaigners over the company's profits amid the Iran conflict.
Shell's adjusted earnings rose to $6.92 billion in Q1 2026, surpassing analyst expectations, with the company reducing its quarterly share buyback program to $3 billion.
Gasoline prices in the U.S. have surged by 52% since the onset of the war with Iran, reaching an average of $4.54 per gallon, primarily due to the Iranian blockade of the Strait of Hormuz.
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