Shell profits double as Middle East conflict pushes up energy prices

British energy giant Shell said Thursday its quarterly adjusted net income doubled to $10.8 billion from $5.4 billion a year earlier, amid soaring oil and gas prices driven by the Middle East conflict, Anadolu reports. The company’s reported net profit reached $12.1 billion, while revenue stood at nearly $93 billion, according to its latest quarterly financial results. Energy prices rose amid attacks on refineries in the Middle East and Russia, as well as disruptions to shipping through the Strait of Hormuz and the Red Sea. Reduced refinery output has tightened supplies of refined petroleum products, including gasoline and diesel, pushing up prices and benefiting energy trading companies such as Shell. READ: Oil prices jump after US orders diplomats to leave Middle […]