Shell profits surge by nearly 25% as Iran war volatility lifts oil prices
Energy giant Shell reported profit gains of nearly 25% as it capitalizes on oil price volatility driven by Middle East tensions. Major oil companies are benefiting significantly from the Iran conflict, with elevated energy prices supporting margin expansion.
Shell's latest quarterly earnings showed significant profit expansion, with oil and gas production margins expanding as Brent crude surged above $110 per barrel due to Middle East tensions. The Iran conflict has created persistent supply-side uncertainty, with the Strait of Hormuz blockade forcing rerouting of global energy shipments and elevating transportation costs. While Shell and other majors are reporting windfall gains, the broader European economy faces headwinds—energy costs for refiners and power generators have climbed sharply, with consumer price pressures mounting. Several European retailers have already flagged pricing headwinds and reduced demand forecasts, signaling that elevated energy costs are beginning to ripple through the continent's supply chains and consumer spending.
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People urged not to cancel flights over fuel shortage fears
Airlines have cancelled 13,000 flights globally in May as jet fuel prices soar due to the Middle East conflict. Industry is exercising caution over supply concerns.
Airlines can cancel flights in advance over fuel shortages under new plans
Under new UK government plans, airlines can cancel flights in advance due to fuel shortages rather than wait until the last minute. This allows passengers time to rebook and make alternative arrangements.
Billions of meals at risk due to Iran war, says fertiliser boss
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