The British oil giant Shell reported a significant increase in net profit for the first quarter, driven by rising oil prices amid the Middle Eastern war and market volatility, bolstering its trading operations.
Net profit rose to $5.694 billion, up 19% compared to $4.780 billion in the first quarter of 2025.
Revenue remained nearly stable at $70.133 billion for the January–March period, slightly down from $70.152 billion the previous year.
Shell attributed the growth to higher trading contributions, stronger realised oil prices, and increased refining margins, according to a company statement.
The quarter was marked by the start of the Middle Eastern war on 28 February, which caused crude oil prices to rise rapidly. Brent crude averaged nearly $100 per barrel in March, compared to levels below $70 per barrel in the weeks leading up to the conflict.
However, the extreme volatility in energy prices took a toll on Shell’s cash flow, resulting in an $11.2 billion outflow of liquidity.
“Our strong results reflect a relentless focus on operational performance during a quarter shaped by unprecedented disruptions in global energy markets,” said Wael Sawan, Shell’s Chief Executive Officer, in the statement.
Competitor BP also reported strong quarterly profits in late April, similarly driven by oil trading amid the disruption caused by the Middle Eastern conflict.
