Shell oil trading profits soar amid Iran war but Qatar strikes hit gas output

Earnings at renewable energy division expected to soar to between $200m and $700m in first quarter Shell is expected to report “significantly higher” profits from its trading desks in the first quarter of this year after weeks of market volatility triggered by the Iran crisis. The surge in energy commodity markets over recent weeks is expected to drive up trading results at Shell’s chemicals and products unit, which includes its main oil trading desk. The global oil price has climbed from about $61 a barrel in January to highs of $119 at the end of March, including some of the biggest daily price moves on record, owing to major disruptions to flows of oil and gas through the strait of Hormuz. The market volatility provides an opportunity for traders to make large profits, but also presents a risk of heavy losses. In addition to Shell’s oil trading windfall, it is also expected to report higher trading profits from its renewable energy division. Earnings are expected to soar to between $200m (£149m) and $700m in the first quarter, from about $100m in the final quarter of last year, it predicted in a trading update on Wednesday. However, Europe’s biggest oil and gas producer warned i