The Shell gas logo is displayed at a gas station on April 27, 2026 in Austin, Texas.

Brandon Bell | Getty Images

British energy major Shell on Thursday reported stronger-than-expected first-quarter profit as the Iran war sent energy prices soaring.

The oil giant posted adjusted earnings of $6.92 billion for the first three months of the year, beating analyst expectations of $6.1 billion, according to an LSEG-compiled consensus. A separate, company-provided analyst forecast had put Shell's expected first-quarter profit at $6.36 billion.

Shell reported adjusted earnings of $5.58 billion over the same period a year ago and $3.26 billion over the final three months of 2025.

"Shell delivered strong results enabled by our relentless focus on operational performance in a quarter marked by unprecedented disruption in global energy markets," Shell CEO Wael Sawan said in a statement.

Shell cut the pace of its quarterly buyback to $3 billion, down from $3.5 billion, and announced a 5% increase in its dividend to…