Profits at oil giant Shell have risen in the first three months of the year following the sharp increase in oil prices since the beginning of the Iran war. Shell reported profits of $6.92bn (£5.1bn) for the first quarter, which was higher than analysts had expected and up from $5.58bn in the same period a year earlier.
The price of oil has seen a big rise since the start of the US-Israel war with Iran as the key Strait of Hormuz, which usually carries about 20% of the global supplies of oil and liquid natural gas, has been effectively closed.
BP, a competitor in the energy sector, announced last week that its first-quarter profits had more than doubled.Shell delivered strong results enabled by our relentless focus on operational performance in a quarter marked by unprecedented disruption in global energy markets,” said Shell chief executive Wael Sawan.
“The safety of our people remains our priority as we work closely with governments and customers to address their energy needs.Like BP, one of the factors behind Shell’s profits rise was better results from its oil trading business.
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