Shell's Profits Jump as Oil Prices Climb

Many things helped Shell make more money. The Iran war pushed oil prices much higher. The price of Brent crude oil — the main world oil price — was about $73 a barrel before the war, but rose above $120. It is now around $101. The Strait of Hormuz, a narrow sea path that carries about 20% of the world's oil and gas, has been mostly closed. With prices changing fast, Shell's oil traders made bigger profits. Other oil companies, like BP (British Petroleum) and Norway's Equinor, also did well.

Climate groups are angry about Shell's large profits. They want the government to take more tax from oil firms — a windfall tax on sudden big profits. In the United Kingdom (UK), this tax exists, but only on oil and gas from UK land and sea. Most of Shell's profit comes from abroad. UK energy bills may rise about £200 in July. Shell's own production fell 4% after attacks damaged its Pearl gas plant in Qatar.