Shell reported $6.92 billion in first-quarter profits, more than double the previous quarter, as oil prices surged following the U.S.-Israel war with Iran. The London-based energy company saw adjusted profits exceed expectations amid what CEO Wael Sawan called "unprecedented disruption in global energy markets." Brent crude has risen 37% since the war began Feb. 28, trading just below $100 per barrel.

European oil giants benefited similarly from the market turmoil. Britain's BP more than doubled its first-quarter profit to $3.2 billion, while France's TotalEnergies reported $5.4 billion in net income and announced dividend increases and share buybacks. The price increases have already impacted consumers, with airlines cutting flights and travelers reconsidering summer plans as gasoline and airfare costs climb.

American producers took a different path. Exxon Mobil reported $4.2 billion in first-quarter earnings, down 46% from a year earlier, while Chevron's profit slid 37% to $2.2 billion. Both companies attribute the decline to accounting adjustments and have no plans to increase drilling despite higher prices, even as policymakers renew calls for a windfall tax on oil company profits.