Shell announced stronger‑than‑anticipated earnings of $6.9 billion (£5 billion) after its oil‑trading arm profited from surging energy prices amid the Iran conflict, drawing criticism from climate activists.
Rising oil and gas prices during the Middle East turmoil enabled Europe’s largest oil and gas producer to record a 115 % increase in first‑quarter profits, up from the $3.2 billion posted in the final quarter of 2025, comfortably beating the $6.4 billion forecast by City analysts.
Shell chief executive Wael Sawan attributed the gains to a “relentless focus on operational performance” during a quarter marked by unprecedented turbulence in global energy markets.
The interruption of oil and gas shipments through the Strait of Hormuz lifted international crude from roughly $61 a barrel in January to peaks of $119 by the end of March, and again at the close of April.
Oil slipped below $100 a barrel on Wednesday as hopes grew for a US‑Iran peace accord, yet prices remained more than 50 % above levels a year earlier.
The price boost also helped BP announce better‑than‑expected first‑quarter profits of $3.2 billion, more than double the $1.38 billion earned in the same period a year ago. BP highlighted “exceptional oil trading” as the driver of its highest quarterly profit since 2023, prompting immediate backlash from advocacy groups and renewed demands for stricter windfall taxes on fossil‑fuel earnings.
Shell’s profit surge rekindled calls for a tax on excess earnings to aid households hardest hit by rising energy costs.
Anne Jellema, executive director of the climate campaign organisation 350.org, said: “While people worldwide grapple with soaring energy bills, Shell is pocketing billions in extra profit. The same crisis generating these windfalls is driving millions toward hunger and hardship. Governments must act now to tax these surplus profits and channel the revenue to shield vulnerable families and expand affordable, domestically produced renewable energy.”
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