Shell profits rise as Iran war pushes oil prices higher

Shell's profits have risen in the first three months of the year due to the sharp increase in oil prices following the Iran war. The company reported profits of $6.92bn, higher than expected and up from $5.58bn in the same period a year earlier. Oil prices have risen since the Strait of Hormuz was effectively closed, which usually carries about 20% of global oil and liquid natural gas supplies. Shell's oil trading business has seen better results, enabling traders to make bigger profits from the sharp swings in oil prices.