LONDON (FN), Shell reported first‑quarter profits of 6.9 billion dollars, more than double the 3.2 billion dollars it earned in the previous quarter, as soaring oil prices during the war in Iran boosted its trading arm. The results, which beat analyst forecasts of 6.4 billion dollars, triggered immediate backlash from climate campaigners who accused the company of profiting from global turmoil while households face rising energy costs.
Crude prices climbed from about 61 a barrel in January to highs of 119 at the end of March, driven by disruption to oil and gas flows through the Strait of Hormuz. Shell’s chief executive Wael Sawan said the gains reflected “relentless focus on operational performance in a quarter marked by unprecedented disruption in global energy markets.”
Campaign groups condemned the results. Danny Gross of Friends of the Earth said fossil fuel giants were “pocketing monstrous profits while drivers are being squeezed at the petrol pump and households are set to pay higher energy bills.” Social media reactions echoed the anger, with many calling for tougher windfall taxes to redistribute profits, while some commentators argued that Shell was simply responding to market dynamics and that shareholders, including pension funds, benefit from the gains.
BP also reported better than expected profits last week, posting 3.2 billion dollars for the quarter, more than double the 1.38 billion dollars it made a year earlier. Analysts credited “exceptional oil trading” for the surge, marking its highest quarterly profit since 2023.BP stands for BP p.l.c., formerly known as British Petroleum. It is a British multinational oil and gas company headquartered in London, England, and one of the world’s largest “supermajors” in the energy industry.
The debate over windfall taxes is intensifying across Europe and beyond, as governments weigh whether to use fossil fuel profits to fund support for households hardest hit by rising costs. For critics, Shell’s soaring profits highlight the fragility of a fossil‑fuel‑dependent system. For others, they underscore the role of energy companies in navigating volatile markets.
Shell’s results are a reminder that in times of war and crisis, the question is not only who pays the price but who gets paid.
