Shell Q2 profit doubles as Middle East oil prices surge

Shell Plc reported a surge in second-quarter profit, more than doubling its earnings from a year ago, as geopolitical conflict in the Middle East drove volatility and higher prices in global energy markets. The London-based energy giant announced adjusted net income of 9.8 billion pounds for the three months ending June 30, 2026, a significant increase from the 4.26 billion pounds reported for the same period in 2025. The company also reported a strong first half, with earnings reaching approximately 16.7 billion pounds when combined with its first-quarter results.

The profit surge is attributed to heightened oil prices and robust performance in the company's trading and refining divisions. The international benchmark Brent crude oil price experienced severe volatility following the outbreak of conflict involving Iran in late February, which led to the effective closure of the Strait of Hormuz, a critical waterway for global oil shipments. Prices peaked above 120 dollars a barrel in late April and have recently traded above 90 dollars after a breakdown in peace negotiations. Shell's chemicals and products unit, which includes its oil trading business, saw underlying earnings...