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

Company earnings expected to soar to between $200m and $700m in first quarter

Business live – latest updates

Shell is expected to report “significantly higher” profits from its commodity 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.