May 7 (UPI) -- British oil giant Shell reported Thursday a jump in first quarter profit to $6.92 billion on the back of higher global oil prices which have been pushed sharply higher since the war with Iran started at the end of February.
The above-market expectations performance -- $1.34 billion higher than in 2025 -- was largely due to $100-plus prices for a barrel of Brent crude, the international benchmark, which had been changing hands at $73 prior to the closure of the Strait of Hormuz immediately after the United States and Israel struck Iran.
Shell said "exceptional" results from its oil trading business had helped it to turn its highest profit for the January to March period in three years. The company also credited its refinery operations that turn crude into petrol, jet fuel and other products.
"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," he said, referencing attacks on oil production facilities in the Persian Gulf and supply disruption caused by the closure of the strait through which 20% of the world's oil and gas passes.
