Shell profits significantly from rising oil and gas prices and records billions in profit

Shell reported a profit of $9.8 billion in the second quarter, more than double compared to last year. CEO Wael Sawan praised the teams for their efforts amid ongoing disruptions in the global energy system. Oil and gas prices have surged since the conflict between Iran and the U.S. began, particularly due to the blockade of the Strait of Hormuz, which typically accounts for 20% of global energy supplies. This situation has led to increased fuel prices, with gasoline costing €2.555 per liter and diesel €2.714. The uncertainty surrounding the Middle East conflict is expected to keep prices high, contributing to an additional €36 billion in earnings for the oil industry in the EU since the war began.