Shell posted second-quarter profits of .84 billion, more than double the .26 billion recorded in the same period last year, as the Iran war drove oil prices sharply higher and boosted the company’s trading operations, the oil major announced on Wednesday.
The price of Brent crude, the global benchmark, has surged since the outbreak of the US-Israel war with Iran due to major disruption to global supplies through the Strait of Hormuz, a critical chokepoint for approximately 20% of the world’s oil shipments. Brent crude was trading around 0 per barrel on Thursday, having peaked above 20 earlier in the conflict.
Shell chief executive Wael Sawan said the company’s operational performance enabled very strong results during another quarter of severe disruption in global energy markets. Combined with .92 billion in first-quarter profits, Shell has seen a 70 percent surge in first-half earnings compared to the same period in 2025.
The standout contribution came from Shell’s trading operation, which benefited from the wide swings in oil prices. Before the conflict began, Brent crude was around 3 per barrel. The large movements between buying and selling prices have enabled traders to make exceptional profits.
However, the conflict has also disrupted Shell’s own operations. Its liquefied natural gas (LNG) production in Qatar has been shut down since early March, and the Pearl gas-to-liquids facility in Qatar suffered extensive damage from a missile attack, with repairs expected to take about a year. Total oil and gas production in the first half of the year fell 16 percent compared with the first half of 2025.
Environmental campaigners reacted with anger to the results. Friends of the Earth energy campaigner Danny Gross said: “With extreme heatwaves and wildfires hitting the UK and ravaging Europe, it is outrageous that Shell is making huge profits while continuing to fuel the climate crisis.”
Shell pointed to new oil production in Brazil and the Gulf of America as bright spots, and its refining and chemicals divisions also delivered healthy performance. Maurizio Carulli, global energy analyst at Quilter Cheviot, said Shell “remains a steady ship in an industry where conditions can change rapidly.”
The strong earnings come as oil prices remain volatile due to shifting signals from the conflict. On Monday crude fell after US President Donald Trump said there were friendly negotiations with Tehran, but prices shot back above 1 on Wednesday after Trump warned of renewed strikes on Iran.
Sources: BBC News – Shell profits double as oil prices rise due to Iran war | NDTV Profit – Oil Prices On July 30 | Reuters – Oil falls on Hormuz talks
discussion