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.

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.