Oil giant Shell tops quarterly profit estimates as Iran war drives price surge

The Shell gas logo is displayed at a gas station on April 27, 2026 in Austin, Texas. Brandon Bell | British energy major Shell on Thursday reported stronger-than-expected first-quarter profit as the Iran war sent energy prices soaring. The oil giant posted adjusted earnings of $6.92 billion for the first three months of the year, beating analyst expectations of $6.1 billion, according to an LSEG-compiled consensus. A separate, company-provided analyst forecast had put Shell's expected first-quarter profit at $6.36 billion. Shell reported adjusted earnings of $5.58 billion over the same period a year ago and $3.26 billion over the final three months of 2025. "Shell delivered strong results enabled by our relentless focus on operational performance in a quarter marked by unprecedented disruption in global energy markets," Shell CEO Wael Sawan said in a statement. Shell cut the pace of its quarterly buyback to $3 billion, down from $3.5 billion, and announced a 5% increase in its dividend to $0.3906 per share. The earnings come as energy supermajors experience a significant share price boost, with fossil fuel prices soaring since the U.S. and Israeli-led war against Iran began on Feb. 28. Ongoing and severe disruption through the strategically vital Strait of Hormuz has resulted in what the International Energy Agency has described as the biggest energy security threat in history. …