Shell Reports Nearly $7 Billion Profit After Oil Prices Surged Amid U.S.-Iran War

The British energy giant Shell reported robust profits following the surge in oil prices prompted by the U.S.-Israeli war with Iran.

The company, based in London, said Thursday that its adjusted profit soared 24 percent, to $6.92 billion, in the first three months of the year from the same time last year, higher than analysts expected. Shell’s first-quarter profit was more than twice what the company earned in the previous quarter, a time of seasonally lower activity.

The strong financial turnout came amid an “unprecedented disruption in global energy markets,” the company’s chief executive, Wael Sawan, said in a statement.

Shell said total oil and gas production fell 4 percent from the quarter before, mainly because of the Middle East war’s impact in Qatar. Missile strikes reduced QatarEnergy’s natural-gas export capacity, the company said in March, including a gas-to-liquids plant that Shell operated.

Article source: https://www.nytimes.com/2026/05/07/business/shell-profit-oil-iran-war.html