Shell reported adjusted profits of $6.92bn for Q1 2024, its highest in two years, driven by volatile oil markets caused by the Iran conflict. Traders capitalized on price swings, while refinery profits hit $2bn, as demand for refined fuels spiked. However, gas production fell, with Pearl, Shell’s Qatar-based gas-to-liquids plant, damaged by Iranian missiles in March, requiring $500mn in repairs.

The plant’s output and LNG volumes are expected to drop, complicating exports through the Strait of Hormuz. The company also slashed its share buyback plan to $3bn from $3.5bn, citing uncertainty from the war. Last month, Shell acquired ARC Resources for $16.4bn, its largest deal in a decade, while booking a $635mn legal hit in its gas division.