Profit after tax increased to US$5.69 billion in the January-March period from US$4.78 billion in the first quarter of 2025, Shell said in an earnings statement.

“Shell delivered strong results enabled by our relentless focus on operational performance in a quarter marked by unprecedented disruption in global energy markets,” said chief executive Wael Sawan.

In addition to benefiting from soaring prices at the pump caused by the Iran war that began on Feb 28, energy majors have profited from their trades as oil and gas futures swung between big gains and losses on the war’s latest headlines.

Shell’s total revenue was stable at around US$70 billion in the first quarter year-on-year but rose from US$66.7 billion in the fourth quarter of 2025.

Shell’s gas production was, meanwhile, impacted after the world’s largest liquefied natural gas hub, Ras Laffan in northern Qatar, suffered significant damage in the war.

“The ongoing conflict in the Middle East has resulted in production shutdowns and export constraints,” Shell said in its earnings release.

“Since the start of the conflict, commodity prices and refining margins have been highly volatile,” it added.

Alongside the results, Shell boosted its shareholders by announcing it would repurchase US$3 billion worth of its shares as well as hiking its dividend.