Shell managed to shake off ‘severe disruption’ in energy markets this year as its traders cashed in on higher oil prices. 

The FTSE 100 firm reported underlying earnings of $16.75billion in the first half of the year, $9.84billion of which came in the second quarter as it capitalised on volatility in the price of Brent crude.

It is more than double the $4.26billion posted in the second quarter of 2025.

The oil giant said the boost in earnings in the three months to the end of June reflected higher prices and LNG, crude and oil trading.

Oil prices peaked at more than $126 a barrel in April before falling to near pre-crisis levels. However, the fragility of President Trump’s deals means that declines in the price of oil have quickly reversed.

Brent crude has since climbed back to around $90 a barrel after Trump threatened a ‘massive attack’.

Results at Shell’s chemicals and products unit, which includes its oil trading desk, jumped to $2.88billion, up from $118million a year ago.

That helped to offset lower LNG volumes, which decreased by $907million in the second quarter because of damage to Shell’s Qatari facility amid the conflict.

Production at Shell's Pearl gas-to-liquids facility in Qatar stopped in mid-March after an attack on the Ras Laffan Industrial City damaged the facility. The repairs are expected to take around a year.

Approximately 20 per cent, or 550,000 barrels of oil equivalent a day (boed), of Shell's oil and gas production comes from the Middle East, with around 10 per cent of that Qatar-related.

Total production in Shell's integrated gas unit fell by 31 per cent between the first and second quarters of this year. 

Chief executive Wael Sawan said: ‘Shell’s operational performance enabled very strong results during another quarter of severe disruption in global energy markets, as we worked hard to provide critical energy supplies and products to our customers.’

Shell announced $3billion of new share buybacks in addition to the $1.2billion that had previously been announced.

Shares rose 1.16 per cent to 3,362p in early trading, bringing this year's gains to 22 per cent.