Shell profit soars as Mideast war disrupts energy supplies

British energy giant Shell said Thursday that its net profit more than doubled to $12.1 billion in the third quarter as the Middle East war disrupted supplies and sent oil and gas prices soaring.

The company had posted profit after tax of $5.3 billion in the third quarter of 2025.

"Shell's relentless focus on operational performance enabled very strong results in a quarter with continued severe disruption to the global energy system," chief executive Wael Sawan said in a statement.

Revenue rose sharply to $92.8 billion from $68.2 billion in the same period a year earlier.

Shell's refining margins, reflecting the spread between the price of crude oil and the fuels derived from it, surged to a record high in the quarter as the Middle East and Ukraine wars hit supplies.

The production and export of refined products in the Middle East have remained heavily disrupted since the war began in late February.

Logistical constraints have complicated re-routing of fuel supplies, widening the gap between crude oil prices and refined products.

At the same time, Ukrainian drone strikes on Russian energy infrastructure have prompted Russia, a major player in the oil market, to ban the export of certain products, notably gasoline and diesel.

Refineries unaffected by the conflict are thus benefiting from the tightening global supply of such products.

Profit margins reached $42 a barrel in the third quarter, up from $24 a barrel between April and June.

At $42, the level is far above the previous record set in 2022, just after the invasion of Ukraine by Russia, according to Bloomberg.

Shell also said it would boost its share buyback programme to $5 billion.