Shell More Than Doubled Its Profits Amid the War in the Middle East

The British-Dutch oil company Shell reported a net profit of $9.84 billion in the second quarter of 2026, more than double the figure for the same period last year.

According to Reuters, the financial results exceeded analysts’ expectations due to rising energy prices and high market volatility amid the war in the Middle East. The company’s refineries operated at 102% of their nominal capacity, which allowed for a 20% increase in jet fuel production.

Profit at Shell’s gas division rose 55% to $2.7 billion, while profit at the chemicals and oil products division jumped to $2.9 billion, compared with $118 million a year earlier.

Following the release of the earnings report, Shell’s stock rose 1.6%. This is the company’s highest quarterly profit since 2022.

Source: Reuters.

As a reminder, on Friday, July 17, global oil prices continued to hover near the $84-per-barrel mark. The market remains stable amid current economic factors and the situation in the global energy market.

Over the past few days, Iran has been secretly smuggling oil tankers through the Strait of Hormuz even before the United States reinstated its naval blockade of Iranian ports.