Shell has reported a substantial increase in profits for the latest quarter, as the company benefits from the recent surge in global gas prices. The ongoing conflict in Iran has pushed oil and gas prices higher, significantly boosting the earnings of major energy firms.
On Thursday morning, Shell revealed that profits soared to $9.8 billion for the period between April and June. This figure marks more than a doubling of their earnings compared to the same timeframe in the previous year.
The situation in Iran has created a favorable market environment for multinational energy companies, allowing them to capitalize on the heightened demand for oil and gas worldwide. The financial windfall observed by Shell is indicative of the broader trend affecting the energy sector.
“Soaring prices for oil and gas triggered by the war in Iran are generating a surge of corporate profits,” Shell announced.