What was Shell's adjusted net income for the first quarter, and how did it compare to analyst expectations?

Shell's adjusted net income rose to $6.92 billion in the first quarter, surpassing the $6.1 billion median estimate of analysts compiled by Bloomberg.

How did the Iran war impact Shell's trading business and overall profitability?

The Iran war drove oil and gas prices higher and caused a surge in market volatility, which boosted Shell's large trading business; it also damaged Middle Eastern oil and gas assets and nearly halted regional shipments, leading to sharp increases in energy prices and further benefiting Shell's trading operations.

Shell Says Profits Rise as Iran War Boosts Trading and Oil Prices

May 6, 2026

Shell Plc reported a surge in Q1 adjusted net income to $6.92 billion, driven by soaring oil prices and trading volatility linked to the Iran conflict. Brent crude rose over 50%, benefiting European supermajors despite production outages for some US peers.

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