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The Guardian - UK
The Guardian - UK
Business
Jillian Ambrose and Graeme Wearden

UNCOVERED: Shell profits down nearly a third after drop in oil prices - The Untold Story

Shell Oil Derren Nathan
A Shell sign at a petrol station
Shell will spend $3.5bn buying back shares in the third quarter of the year. Photograph: Christopher Thomond/The Guardian

Europe’s tumbling gas prices caused profits at Shell to slump by almost a third in the last quarter after denting the earnings in its gas trading business.

Gas prices in Europe fell by almost a fifth between April and June this year after a sudden ceasefire forged between Iran and Israel eased fears that gas deliveries via the strait of Hormuz might be disrupted by conflict.

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