Shell forecasts record refining margins as Iran conflict drives oil prices higher

On October 7, 2026, Shell announced that its third-quarter refining margins are expected to reach a record US$42 per barrel, up from US$24 in the previous quarter, due to the Iran conflict that began in late February. The war, involving the US, Israel, and Iran, has driven oil prices higher, benefiting major oil companies. Meanwhile, European Green MEPs called on the European Commission to tax oil super profits, but the Commission stated that corporate taxation is a national competence. Several EU countries, including Poland and Portugal, have already implemented windfall taxes, while others oppose an EU-wide measure.