Shell eyes RECORD refining profit of $42 a barrel as Iran war drives UK diesel past 200p a litre
From the Newshound archive · first published 7 October 2026.
Diesel has passed £2 a litre in Britain for the first time, as Shell expects to nearly double its refining profits per barrel.
Shell's refining margin has nearly doubled to $42 a barrel from $24 last quarter, smashing the previous record of $28 set during the Russia-Ukraine war. War-damaged refineries across the Middle East and Russia have throttled global fuel supplies while crude prices eased, widening the gap Shell banks as profit. The FTSE 100 giant's share price hit a record £36.23 last month, and full third-quarter results are due on 29 October.
UK diesel broke 200p a litre for the first time ever last week, with petrol also surging since Iran closed the Strait of Hormuz in February.
Shell also upgraded its gas production outlook to 740,000-780,000 barrels a day after completing its $16.4bn acquisition of Canada's ARC Resources in September.
A $2.5bn cash outflow for German emissions certificates and weaker chemicals margins will offset some gains, but analysts say another earnings beat looks likely.
