Shell's Profit Surges on High Oil Prices Due to Iran War
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Shell's profit surged in the second quarter due to high oil and gas prices driven by the Iran war. The company reported an adjusted net profit of $9.8 billion (€8.6 billion), up 42% from the previous quarter and more than double the same period last year. This was the highest quarterly profit since 2022. The increase was driven by robust periods for energy trading, an oil-refining boom, and contributions from the gas business and chemicals division. Despite production losses in the Middle East, Shell announced a further share buyback program of at least $3 billion.
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