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Shell’s profits for the second quarter of the year have more than doubled after the Iran war pushed up oil prices.<\/b><\/p>\n
The oil giant posted profits of $9.84bn (\u00a37.37bn) for the April-to-June period, up from $4.26bn at the same point last year.<\/p>\n
The price of crude has risen since the outbreak of the US-Israel war with Iran due to major disruption to global supplies of oil and liquefied natural gas (LNG) through the Strait of Hormuz.<\/p>\n
But energy prices have also seen sharp swings during the conflict, which has boosted Shell’s trading business.<\/p>\n
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”.<\/p>\n
Together with its profits of $6.92bn<\/a> for the first three months of the year it means Shell has seen a 70% surge in first-half earnings.<\/p>\n Shell and other energy giants such as BP and Norway’s Equinor have seen bumper profits this year, partly down to trading on oil price swings.<\/p>\n Before the conflict began, the price of Brent crude, the global benchmark for oil prices, was around $73 a barrel.<\/p>\n Since then, it has peaked above $120 but also fallen back below $100 as speculation has swirled over when the Strait of Hormuz will reopen.<\/p>\n These big movements in the oil price can widen the gap between buying and selling prices which typically enables traders to make bigger profits.<\/p>\n However, the conflict in the Middle East has also affected some of Shell’s operations. <\/p>\n