Shell Q1 Profits Rise as Iran Conflict Lifts Oil Prices
British energy giant Shell reported first-quarter profits of $6.92 billion, driven by higher oil prices amid the ongoing Iran conflict, BBC reported.
The Middle East geopolitical tensions have pushed crude prices higher, directly benefiting Shell’s upstream production business. Analysts note that while the war-driven oil price surge boosts short-term profits for energy companies, prolonged conflict could also disrupt global supply chains and increase market uncertainty.
Shell previously announced in April its $13.6 billion acquisition of Canadian producer Arc Resources, further consolidating its position in the North American energy market.
Source: BBC