As the price of oil increases due to the Iran war, Shell’s profits will double

Shell’s profits more than doubled in the second quarter of the year after the Iran war pushed up oil prices.

In the April to June period, the oil giant’s profits reached $9.84bn (£7.37bn) – up from $4.26bn at the same point last year.

Oil prices have soared since the US-Israeli war with Iran caused major disruptions to international oil and liquefied natural gas supplies through the Strait of Hormuz.

Shell CEO Wael Sawan said the company’s “operating performance in another quarter was strongly impacted by significant disruptions in global energy markets.”

together with him 6.92 billion dollars profit In the first three months of the year, Shell posted a 70% increase in first half revenue.

Shell and other energy companies such as BP and Norway’s Equinar have made huge gains this year, partly due to fluctuating oil prices.

Before the conflict, Brent crude, the global benchmark for oil prices, was around $73 a barrel.

Since then, the high has fallen above $120, but has fallen below $100 as speculation swirls about when the Hormuz coast will reopen.

These large movements in oil prices can widen the gap between buying and selling prices, allowing traders to make large profits.