Shell has reported £5.07 billion ($6.9 billion) in adjusted earnings for the first quarter of the year, more than double what it made in profits during the previous three months.
Q1 profits figures have already been reported by BP, Equinor and TotalEnergies, which have seen financial gains driven directly by the conflict pushing up energy prices.
Meanwhile, in a trading update, Harbour Energy has said that the Middle East conflict has created ‘unprecedented disruption’ to energy markets, but the firm has more than doubled its amount of surplus cash (known as ‘free cash flow’) for 2026 to £1.02 billion ($1.4 billion).
A spokesperson for the End Fuel Poverty Coalition commented:
“Shell’s outrageous results prove what every household knows: that the Middle East conflict is driving profits for energy firms while families across Britain dread the next bill landing on their doormat.
“But while the profits of North Sea oil and gas giants soar and the cost of living keeps rising, these same companies are actively lobbying against windfall taxes and calling for tax cuts.
“What will make a real difference to energy bills is breaking the link between electricity prices and gas markets, accelerating home insulation and clean heating while ensuring that the billions in profits made during this crisis are taxed and used to provide proper support for the households who need it most. That is the only route out of this continuous energy crisis.”