Shell profits double to $10.8bn as Iran war pushes up profit margin on oil

AI desk brief

Shell said Q3 adjusted profit doubled to $10.8bn, helped by the Middle East conflict, tighter product markets and stronger refinery margins. The company flagged refinery margins at $42/bbl versus $24 in Q2, while European gas prices averaged nearly €64/MWh and benchmark oil averaged $94.90/bbl, with crude briefly nearing $117/bbl earlier this month.

The report matters for metals mainly through the inflation and rates channel: firmer energy prices and supply disruption can keep headline inflation sticky and complicate central-bank easing, which is typically supportive for gold if real yields ease or rate-cut expectations are delayed. Shell also lifted its buyback plan to $5bn for the next three months, underscoring the scale of the cash windfall from higher energy prices.