Shell’s (SHEL) adjusted earnings more than doubled in the first quarter (Q1) as its trading unit generated windfall profits due to the energy crisis caused by the blockage of the Strait of Hormuz.
The quarter only covered a month of the conflict following the US’s attack on Iran, but this was enough to take adjusted earnings up to $6.9bn (£5.1bn), from $3.3bn in the last quarter of 2025 – 7 per cent ahead of analyst forecasts.
