Audio By Carbonatix
Shell's profits for the second quarter of the year have more than doubled after the Iran war pushed up oil prices.
The oil giant's profits for the April-to-June period reached $9.84bn (ÂŁ7.37bn) - up from $4.26bn at the same point last year.
The price of oil has soared since the outbreak of the US-Israel war with Iran due to major disruption to global supplies of oil and liquid natural gas (LNG) through the Strait of Hormuz.
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".
Together with its profits of $6.92bn for the first three months of the year it means Shell has seen a 70% surge in first-half earnings.
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.
Before the conflict began, the price of Brent crude, the global benchmark for oil prices, was around $73 a barrel.
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.
These big movements in the oil price can widen the gap between buying and selling prices which typically enables traders to make bigger profits.
Latest Stories
-
Netflix sued by band Demon Hunter over ‘KPop Demon Hunters’
3 hours -
Harvard to pay $53 million to settle lawsuits over theft of body parts
4 hours -
Mark Zuckerberg encouraged growth over child safety, ex-Meta executive testifies at trial
4 hours -
Amazon plans drone delivery expansion to about 500 US locales
4 hours -
Trump calls for Congress to pass crypto bill at White House event
4 hours -
ABC says intimidation by Trump’s FCC forced programming changes
4 hours -
Uber launches autonomous rides in Zagreb, its first in Europe
4 hours -
Ecuador intelligence chief and five Americans killed in Kenya helicopter crash
5 hours -
NMC reconstitutes boards of four state-owned media organisations
5 hours -
Keep abreast of new traffic regulations – Police
5 hours -
Police to prosecute commercial drivers for overcharging passengers
5 hours -
24-Hour Markets is not our responsibility – Goosie Tanoh distances Secretariat from project
5 hours -
Vaccine breakthrough stops cancer returning in trial
6 hours -
‘I was born in South Africa’, says beauty queen Chidimma Adetshina facing legal bid to deport her
6 hours -
Prince Harry and Meghan moving back to UK
6 hours