Shell has doubled its profits in the last quarter after the Middle East conflict drove up the price of oil and gas and created shortages in the global market.

Shell reported on Thursday morning that it made an adjusted profit of $10.8bn (£8.1bn) in the July-September quarter, up from $5.432bn in the third quarter of 2025. The results beat analyst expectations for a rise to $10.33bn.

The company also raised its share buyback programme – it plans to return $5bn to investors for the next three months, up from $3bn in the last quarter.

“Shell’s relentless focus on operational performance enabled very strong results in a quarter with continued severe disruption to the global energy system,” the Shell chief executive, Wael Sawan, said.

Climate campaigners criticised the jump in profits, which pushed Shell’s shares up by 3% in early trading on Thursday morning.

“As fossil-fuelled storms, floods, and soaring costs wreck communities, oil executives like Shell’s Wael Sawan are popping champagne on the deck of a…