Shell’s Q2 profit more than doubles as Middle East conflict lifts oil prices
Shell posted a net profit of $9.84 bn for the quarter ended June, more than twice last year’s level, thanks to soaring oil and gas prices after the Middle East war.
Shell’s second-quarter net profit reached $9.84 bn (£7.4 bn), more than double the amount recorded a year earlier, as the company benefited from a sharp rise in oil and gas prices following the outbreak of war in the Middle East. The conflict has caused major disruptions to oil flows through the Strait of Hormuz, pushing global crude from roughly $61 per barrel in January to a high of $126 by late April; Brent crude was trading at $93.18 on Thursday.
The price surge boosted Shell’s trading margins and overall profitability. CEO Wael Sawan described the situation as a “severe disruption in global energy markets” and pointed out that production at its integrated gas division fell 30 % compared with the prior year, a drop linked to a March strike that damaged assets at the Ras Laffan LNG complex in Qatar, with repairs expected to take about a year. Greenpeace campaigner Ruby Schulkind condemned the windfall, calling for a tax on big oil to support households, improve climate resilience, and accelerate the transition to clean energy. The call adds pressure on governments to consider a windfall levy on fossil-fuel profits.
Why it matters
Huge oil-company profits amid rising energy costs spark debate over windfall taxes to aid households and fund climate measures.
How the sides frame it
MODERATE AGREEMENTBoth camps note Shell’s profit surge tied to the Middle East/US-Iran conflict, but left-leaning coverage stresses the social harm and calls for ending oil dependence, while centrist coverage stresses the consumer pain and frames the profits as a windfall for the company.
LEFT
Profit surge is presented as a result of war-driven price spikes but is criticised for worsening the energy crisis and prompting calls to end reliance on oil and gas.
CENTER
Profit surge is portrayed as a windfall for Shell that coincides with sharply higher gas prices and hardship for American drivers.
The left emphasises
- profit more than doubles
- war in the Middle East lifted oil and gas prices
- energy crisis has left households struggling with high bills
- urgent need to end dependence on costly oil and gas
In this story