Shell Beats Profit Estimates as War Brings Trading Windfall

Shell (NYSE: SHEL) on Thursday reported consensus-beating earnings for the first quarter as the war in Iran drove an oil price surge and boosted trading profits at the UK-based supermajor. Shell reported adjusted earnings of $6. 9 billion for the first quarter of 2026, well ahead of the $6. 1-$6.

3 billion range expected by analysts. The company attributed the earnings bump to higher realized liquids prices and significantly higher trading amid unprecedented market volatility in the latter part of the quarter.