Shell Profit Rises as Iran War Boosts Oil Price and Trading

Shell Plc said its profit surged in the first quarter as the Iran war drove oil and gas prices higher and the conflict caused a increase in volatility that boosted its big trading business.

Adjusted net income rose to $6.92 billion, the London-based company said in a statement. That beat the $6.1 billion median estimate of analysts compiled by Bloomberg. Refining margins also climbed because of soaring fuel prices. Shell cut its quarterly share buyback to $3 billion from $3.5 billion.