# Shell under fire over ‘outrageous’ profits after boost from soaring oil prices

By Dan Coatsworth — 2026-05-07

Dan Coatsworth, head of markets at AJ Bell, said: “Shell’s first quarter profits beat expectations at $6.9 billion.

“That’s more than double what it made in the previous quarter and more than $1 billion greater than the same period a year ago.

“A key profit driver has been the Middle East conflict leading to a spike in oil prices, meaning Shell was able to sell its goods at a much higher price.

“The oil price has been volatile since the conflict began on stop-start hopes of a resolution, and that volatility created opportunities for Shell’s trading arm.

“Stronger refining margins also helped the quarter’s profit boost, but it wasn’t all plain sailing.

“Shell suffered product disruption after one of its facilities in Qatar was damaged by an attack in the conflict, and a cyclone caused temporary stoppages at one of its liquefied natural gas sites in Australia.

“Calls for a windfall tax on oil profits will only get louder now that both BP and Shell have reported bumper earnings as a direct result of the Middle East war.

“They might argue that it’s been a tough job operating during the conflict, but the longer oil prices stay higher, the harder it will be for them to oppose any windfall tax suggestions.”

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