Shell reported better-than-expected profits of $6.9 billion (Β£5 billion) for the first quarter of 2026, as its oil traders benefited from soaring energy prices linked to the ongoing war in Iran. The result, a 115% increase compared to the same period last year, has drawn sharp criticism from climate campaigners.
Europe's largest oil and gas company posted the jump in first-quarter earnings, driven by higher margins in its trading division. The conflict in Iran has disrupted global oil supplies, pushing crude prices higher and boosting profits for major energy firms.
Climate activists have condemned the windfall, arguing that Shell is profiting from war and should instead invest more in renewable energy. 'Shell is making billions from bloodshed while the planet burns,' said a spokesperson for the group Extinction Rebellion.
Shell has defended its performance, stating that it continues to invest in both oil and gas and low-carbon energy. The company reiterated its commitment to reaching net-zero emissions by 2050, though critics say its current investments in fossil fuels contradict that goal.
The profit announcement comes as governments worldwide face pressure to impose windfall taxes on energy companies to help consumers struggling with high energy bills. No such tax has been announced in the UK or EU as of May 7, 2026.
