Energy company Shell announced a significant profit increase of $1.3 billion in the first quarter of the year, despite global market instability caused by the Iran war. The British energy giant’s financial report showed total earnings of $6.9 billion for the quarter, about one-quarter higher than the same period last year. Refining operations alone contributed nearly $2 billion, driven by high prices of petrol and jet fuel.

The report noted that Shell’s total oil and gas production slightly declined compared to the previous quarter, mainly due to disruptions in Qatar linked to Middle East conflict. Shell CEO Wael Sawan stated that the company achieved strong results despite unprecedented volatility in global energy markets. Analysts said major energy firms’ trading divisions benefited from sharp oil price fluctuations.

Meanwhile, the Energy Poverty Eradication Alliance urged governments to impose a windfall tax on oil companies to offset rising household energy costs caused by the Iran war. The group argued that higher fuel prices have increased pressure on ordinary consumers.