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Shell Oil Corporation has just announced its first quarter 2026 profit of nearly 7 billion USD, the highest level in 2 years amid a sharp increase in global oil and gas prices due to the escalating Middle East conflict.
This information immediately created a wave of intense controversy in Europe and the US when many environmental organizations accused the "energy giants" of directly benefiting from war and geopolitical instability. 
How strong is Shell's earnings in the first quarter of 2026?
According to the latest financial report, Shell's adjusted profit reached about 6.92 billion USD, far exceeding market forecasts of about 6.36 billion USD. 
One of the important factors that helped Shell "do well" was the extreme fluctuations in Brent oil and LNG prices after attacks in the Middle East, especially around the Strait of Hormuz.
Energy market impact table
Influential Factors
Brent oil price exceeds 120 USD/barrel Strong increase in oil and gas revenue
Hormuz suffered LNG disruption and global oil shortage
LNG price has increased dramatically. Gas trading is very profitable
Oil transportation costs increase. Trading profits increase
Qatar factory affected Reduced output but increased selling prices

⚠️ “Blood profits” and a wave of criticism
Environmental organizations such as Friends of the Earth or 350.org believe that Shell has many measurementsThe oil and gas industry is turning war into a "money printing machine". 
Some activists call this:
“Blood money” – money earned from instability and humanitarian crises.
Protests appeared outside Shell's headquarters in the UK to protest the increase in dividends to shareholders just as energy prices put millions of global households under pressure on living costs.
Shell still increases dividends for shareholders
Although the war disrupted many facilities in Qatar, Shell still increased dividends by 5% and continued to buy back shares. 
Shell financial table for the first quarter of 2026
Value Index
Adjusted profit ~ 6.92 billion USD
Growth compared to the previous quarter +115%
Dividend Increase 5%
Buyback of shares 3 billion USD
Net debt 52.6 billion USD

Why does Iran's war benefit Shell?
Shell has a very strong oil and gas trading system globally. When the market is volatile, energy traders can make huge profits thanks to:
Differences in oil prices between regions
LNG prices increased dramatically
Optimize transportation routes
Selling futures contracts and hedging
Take advantage of the supply crisis
CEO Wael Sawan admitted that market fluctuations have "created many opportunities". 
Meanwhile, CFO Sinead Gorman said the company remains confident about its long-term cash flow despite rising debt due to global energy fluctuations. 
⛽ The world is entering a new energy price cycle
Experts warn that even when the conflict cools down, the oil and gas market could still be in shortage for many months because:
Oil inventories are falling sharply
The Middle East transport route has not yet recovered
LNG Qatar is affected
Global summer demand is high

This means that large oil and gas corporations such as Shell, BP or ExxonMobil can continue to benefit if energy prices remain high.
The biggest debate right now
One side believes that Shell is only benefiting from the free market and fluctuations in supply and demand.
The other side believes that the world needs to impose a "war profits tax" on oil and gas corporations to support people and promote green energy transition.
The war in the Middle East is now not only a military conflict but also a profit war between global energy giants.
