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Shell’s profits more than double after jump in oil and gas prices
Shell more than doubled its net profit in the second quarter of 2026, as Europe's largest oil and gas company benefited from a sharp rise in oil and gas prices triggered by war in the Middle East. The surge in earnings has reignited criticism from environmental campaigners, who are renewing calls for a windfall tax on fossil fuel companies to help fund support for households facing higher living costs and the impacts of extreme weather.
Shell's net profit reached $9.84bn (£7.4bn) for the three months to June, more than double the figure for the same period last year, boosted by higher trading margins as wholesale energy prices climbed. Oil prices rose from around $61 a barrel in January to highs of $126 by late April, driven by disruption to flows through the strait of Hormuz, with Brent crude trading at $93.18 a barrel on Thursday. Chief executive Wael Sawan cited "severe disruption in global energy markets", while the company also reported a 30% fall in production from its integrated gas division following a March strike that damaged its Ras Laffan LNG complex in Qatar, with repairs expected to take about a year. Greenpeace's Ruby Schulkind said the profits amounted to an "obscenity" amid wildfires, floods and drought, and urged the government to impose a windfall tax to fund cost-of-living support and the clean energy transition.
In short
- Shell's Q2 net profit more than doubled to $9.84bn amid Middle East war-driven price spike
- Gas production fell 30% after a strike damaged Qatar's Ras Laffan LNG complex
- Greenpeace renews calls for a windfall tax to help struggling households
Steelman: both sides, in good faith
The strongest fair case each way — we don't pick a winner.
The case for
Supporters of a windfall tax argue that Shell’s unusually high profits were driven in part by a war-related price shock, while households face higher energy costs and climate-related harms. A temporary levy could help fund cost-of-living relief and the clean energy transition, sharing some of the gains from exceptional circumstances with the public.
The case against
Opponents argue that higher profits reflect volatile global markets and commercial risks, including disruption to Shell’s own gas production, rather than a guaranteed or permanent windfall. A special tax could weaken investment in energy supply and make policy less predictable, potentially affecting future production and energy security.
Explained simply
Shell is Europe's largest oil and gas company. Its profits for the first half of 2026 more than doubled compared with the same period last year, driven by sharp rises in oil and gas prices following conflict in the Middle East.
The huge profits have prompted environmental campaigners to call for additional tax on energy company profits, with the money used to help households struggling with higher bills and to invest in clean energy. The issue matters because energy prices directly affect household budgets and how energy companies are taxed is an ongoing policy question.
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