Shell reported a significant increase in profits for the second quarter of 2024, driven largely by rising oil prices linked to the conflict involving Iran. The company’s earnings more than doubled compared to the same period last year, reaching £7.3 billion over the three months ending June 30. This represented a 128% increase, marking Shell’s second-best quarterly performance on record.

During this period, Brent crude oil prices surged from around $72 per barrel to above $100, before settling near $90. The price fluctuations have directly contributed to Shell’s robust financial results amid ongoing geopolitical tensions.

The company’s windfall has sparked criticism from advocacy groups concerned about the impact on consumers facing increased fuel costs. Howard Cox, founder of FairFuelUK, described the profits as “pure corporate greed,” suggesting that Shell and other major oil companies are benefiting at the expense of everyday motorists, including families, van drivers, and hauliers struggling with higher prices at the pump.

Simon Francis, representing the End Fuel Poverty Coalition, echoed these concerns, highlighting the disparity between Shell’s profits and average household incomes. He emphasized that Shell is earning more in a single minute than many people do in an entire year, drawing attention to broader issues of fuel affordability and economic inequality.

Shell has highlighted that its financial performance reflects broader market conditions, including supply disruptions and increased global demand. The company maintains that it operates within a complex and volatile energy market, where price shifts have a direct effect on its results.

The debate over oil company profits continues amid rising energy costs and ongoing geopolitical instability, raising questions about how best to balance corporate earnings with consumer protection and energy security.