Shell reports profit surge amid rising oil prices
pre-market1 source ↓written by the desknot a recommendation
- a year earlier
- $5.58 bn
Shell reported profits of $6.92 bn for Q1 2023, up from $5.58 bn a year earlier, driven by soaring oil prices due to the Iran war. The Strait of Hormuz, a critical oil passage, has been effectively closed, impacting global supply. This trend is boosting profits across the energy sector, with BP and Equinor also reporting significant gains.
Not investment advice. For informational purposes only.