Shell (SHEL) Q1 Profit Surges to $6.92B Amid Oil Price Increase

AI Summary

Shell (SHEL) reported a profit of $6.92 billion for Q1, surpassing analysts' expectations and rising from $5.58 billion a year earlier. The increase is attributed to a significant rise in oil prices due to the ongoing US-Israel war with Iran, affecting oil supply through the Strait of Hormuz. The price of Brent crude oil has fluctuated, peaking above $120 per barrel and currently at around $101. Additionally, Shell's oil and gas output declined by 4% compared to the previous quarter, impacted by disruptions in operations, particularly at its Qatari Pearl gas plant.