finance
Shell Q1 Profit Falls 35% to $6.75 Billion
Shell's first-quarter earnings more than doubled from the prior period amid elevated oil prices from the US-Israel war with Iran, even as it trimmed share buybacks. Global stock indexes climbed following reports of a potential one-page agreement to end the conflict, though President Donald Trump cautioned that any deal remains uncertain.
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Shell reported nearly $7 billion profit in the first three months of 2026, with earnings more than double the previous quarter's and above expectations. Brent crude futures fell to $97 per barrel after reports of a US-Iran deal before rebounding to over $101 per barrel.
The price had stood over $108 per barrel earlier on the day of the reports. Brent crude was hovering around $70 per barrel before the start of the US-Israel war with Iran. The FTSE 100 closed over 2% up following reports of a US-Iran deal.
Germany's DAX index closed over 2% up and France's CAC 40 was up 3%. The US S&P 500 was up by more than 1% on the day. 22%.
38% higher on Wednesday. Axios reported that the US believes it is close to a one-page document which will end the Iran war and set up detailed nuclear talks. An Iranian foreign ministry spokesperson told Iranian Students' News Agency that the US proposal to end the war with Iran was still being considered.
President Donald Trump said on Truth Social that any agreement by the Iranians is 'a big assumption'. He added that a failure to come to a deal will result in bombardments 'at a much higher level and intensity' than during Operation Epic Fury. The US-Israel war with Iran began on 28 February 2026.
The Strait of Hormuz has been effectively closed for weeks as of the report date. On 8 April 2026, the US and Iran agreed a ceasefire. On Sunday prior to the report, President Donald Trump said the US military would guide ships through the Strait of Hormuz under 'Project Freedom'.
President Donald Trump said on Tuesday he would pause the operation 'for a short period of time to see whether or not the Agreement can be finalized and signed'. He stated 'Great Progress has been made toward a Complete and Final Agreement with Representatives of Iran'. 75 billion in Q1 2026, representing a 35% decline from the same period a year earlier.
