Oil giant Shell has reported a significant profit increase for the first quarter of the year, driven by elevated oil prices stemming from the Iran war.

• Shell reported profits of $6.92bn in the first three months of the year, exceeding analyst expectations and up from $5.58bn a year prior.
• The key factor contributing to this rise is the sharp increase in oil prices, largely due to the closure of the Strait of Hormuz, which normally handles about 20% of global oil and LNG supplies.
• Despite overall profit growth, Shell noted a 4% fall in its oil and gas output due to the conflict impacting its Qatari Pearl gas plant.