Thanks for joining me. Shell more than doubled its profits in the first quarter of the year as the Iran war sent oil and gas prices surging.

The FTSE 100 energy giant increased its adjusted earnings to $6.9bn (£5.1bn) in the first three months of 2026, up from $3.3bn (£2.4bn) in the fourth quarter of 2025. Profits rose by 24pc compared to the same period last year.

The rise came after the conflict in the Middle East propelled oil and gas prices to four-year highs.

Shell said the period had been marked by “unprecedented disruption in global energy markets”.

The company revealed the profit jump just over a week after Ed Miliband lashed out at its rival BP over its earnings.

The Energy Secretary branded BP’s profits as “morally and economically wrong” after the war in Iran helped it more than double its earnings.

In a post on X that he later deleted, Mr Miliband wrote: “Profiting from a crisis is morally and economically wrong. That’s why we are taxing these windfall profits to help fund support with the cost of living. And why the Tories, Reform and SNP are utterly wrong to oppose the windfall tax.”

Shell also announced a new $3bn share buyback alongside the profit jump and raised its dividend by 5pc.

The FTSE 100 giant published its results as oil prices ticked slightly higher again, following a slide earlier this week.

Brent crude, the international benchmark, sank by as much as 11.9pc to a two-week low of $97 a barrel on hopes for an end to the Middle East conflict. Here is what you need to know.

5 things to start your day

1) Reeves ‘faces £8bn hit’ from Iran war | Strait of Hormuz closure risks driving UK inflation up to 6pc, warns Left-leaning think tank

2) Britain ‘sleepwalking towards jobless generation’, warn retailers | Industry chief says Labour must stop ‘upwards spiral of employment costs’ as businesses slow hiring

3) Politicians don’t understand basic economics, says Duke of Westminster’s estate | Ministers ‘interfering’ with housing demand will restrict supply, warns Grosvenor chief

4) Elon Musk to spend $120bn on world’s biggest chip plant | Tech billionaire’s SpaceX poised to begin construction of a semiconductor facility in Texas

5) Israel’s shifting society risks turning it into a ‘third-world economy’ | The country’s growing ultra‑orthodox Haredi community is under-educated and under-employed

What happened overnight

Japan’s stock market hit a record high over hopes the US and Iran will strike a deal allowing tankers to deliver crude from the Persian Gulf again.

Tokyo’s Nikkei 225 jumped more than 3,500 points to 63,086.00 as markets in Tokyo reopened following “Golden Week” holidays. Oil prices edged up to $102 a barrel.

The Nikkei has gained nearly 20pc in the past three months and more than 70pc in the past year, pushed higher by strong buying of tech shares that have benefited from the boom in artificial intelligence.

Computer chip equipment maker Tokyo Electron gained 8.8pc and testing equipment maker Advantest added 8pc. Shin-Etsu Chemican gained 9.7pc.

Elsewhere in Asia, the Hang Seng in Hong Kong gained 1.5pc to 26,589.46.

The S&P/ASX 200 in Australia was up 0.8pc at 8,862.40.

In South Korea, the Kospi reversed early losses, gaining 1.1pc to 7,465.01. The benchmark jumped nearly 7pc a day earlier to barrel past 7,000 for the first time.

Taiwan’s Taiex surged 1.9pc, lifted by a 3.1pc gain for big computer chipmaker TSMC.

On Wednesday, stocks climbed to records for a second day in a row, amid renewed optimism that a negotiated end to the Middle East war was within reach.

The blue-chip Dow rose by 1.24pc to 49,910.59 while the Nasdaq Composite and S&P 500 both set new records. The former rose by 2pc to 25,838.94 while the S&P 500 jumped by 1.5pc to 7,365.12.