Shell profits rise as Iran war pushes oil prices higher
Shell has reported a sharp rise in first-quarter profits after oil prices climbed following the start of the Iran war.
The company said profits for the first three months of the year reached $6.92bn, up from $5.58bn a year earlier and above analysts' expectations.
The increase came as the price of oil rose sharply after the conflict began and the Strait of Hormuz was effectively closed.
The route usually carries about 20% of global oil and liquefied natural gas supplies.
Shell said its oil and gas output fell by 4% compared with the final three months of last year because of the conflict, which damaged its Qatari Pearl gas plant.
Chief executive Wael Sawan said the company had delivered strong results in a quarter marked by disruption in global energy markets.
The results underline how quickly the war has affected energy markets beyond the immediate conflict zone.
Higher prices have boosted trading conditions for major oil companies, even as physical supply and production have been disrupted.
Shell said better results from its oil trading business also helped lift profits.
