Shell Profits Double as Oil Prices Rise

Shell, one of the world's largest energy companies, reported second-quarter 2026 profits of $9.84 billion, more than double the $4.26 billion earned in the same period last year. The company's first-half earnings increased 70% after adding $6.92 billion in first-quarter profit.

The profit surge came as oil prices rose sharply due to disruptions around a major shipping route in the Middle East. Brent crude, a global oil benchmark, was trading around $73 per barrel before the regional conflict began. Prices later climbed above $120 before falling below $100 as markets monitored the situation.

Shell's trading business benefited from these price swings. Wider differences between buying and selling prices can improve trading results. However, the conflict also disrupted Shell's own operations. LNG production in Qatar has been shut since early March, and the company's Pearl gas-to-liquids facility was damaged in March. Repairs could take about a year.

Overall gas production fell to 631,000 barrels of oil equivalent per day in April-June, down from 909,000 per day in the first quarter. Total first-half oil and gas production was 16% below the first half of 2025.