The Aporia
The Aporia
Williams, H. (2026, October 29). Shell criticised over bumper earnings haul amid soaring oil prices. Evening Standard. https://www.standard.co.uk/business/business-news/shell-john-healey-simon-francis-iran-b1302747.html
Williams, Holly. “Shell criticised over bumper earnings haul amid soaring oil prices.” Evening Standard, 29 Oct. 2026, https://www.standard.co.uk/business/business-news/shell-john-healey-simon-francis-iran-b1302747.html.
Williams, Holly. “Shell criticised over bumper earnings haul amid soaring oil prices.” Evening Standard, October 29, 2026. https://www.standard.co.uk/business/business-news/shell-john-healey-simon-francis-iran-b1302747.html.
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On October 29, 2026, Shell plc announced a significant rise in its third-quarter earnings to $10.8 billion (up from $5.43 billion in the same period last year), driven by higher oil and gas prices amid the ongoing Middle East conflict. The company also plans to return $5 billion to shareholders through share buybacks before the end of the year, which sent its shares up 3%. Wael Sawan, Shell's CEO, highlighted strong operational performance despite a volatile global energy market disrupted by geopolitical tensions. However, climate campaigners and environmental groups criticized the profit surge, citing concerns over rising fuel costs for households. The conflict in the Middle East has pushed oil prices above $100 per barrel, contributing to higher profit margins for petroleum products compared to previous records set during earlier conflicts.
Campaigners criticised the profit haul, which comes at a time when households and motorists are suffering painful rises in fuel costs and knock-on inflation caused by the conflict.
Chancellor John Healey chose not to increase windfall taxes on oil and gas firms in Wednesday’s budget despite calls from some to tap into the sector’s mammoth profits to help pay for household energy support.
