Shell profits double to $10.8bn as Iran war pushes up profit margin on oil

Shell's profits surged to $10.8 billion in Q3 2026, doubling from the previous year, driven by rising oil and gas prices amid Middle East conflicts. The company announced a $5 billion share buyback, exceeding analyst expectations. CEO Wael Sawan attributed the strong results to operational performance despite global energy disruptions. However, climate activists criticized the profit increase, highlighting the negative impact of fossil fuels on communities. Shell's gas production faced challenges due to the crisis, with production dropping significantly. The rising commodity prices have boosted Shell's market value, making it the largest company on the UK's FTSE 100 index.