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Shell is set to reveal how the Middle East conflict has impacted its earnings and production at a time when global energy supplies are disrupted and prices have soared.

The British oil and gas producer will publish its financial results for the first quarter of 2026 on Thursday.

Forecasts show Shell reporting adjusted earnings of 6.36 billion US dollars (£4.66 billion) for the first quarter, which would be up about 14% from the 5.58 billion dollars (£4.09 billion) made over the same period last year.

Russ Mould and Danni Hewson, analysts at AJ Bell, said Shell’s earnings forecasts have jumped nearly 50% since the start of the US and Israel’s war with Iran, which has sent prices for oil and gas soaring due to heightened demand.

Shell told investors earlier this month that trading from its chemical and products business, which includes oil trading, is expected to be “significantly higher” than in the previous quarter after a jump in energy prices.

Brent crude oil, jet fuel and gas prices have all surged after production was impacted by attacks in the region, and the important Strait of Hormuz shipping corridor remains heavily disrupted.

The price of Brent crude oil reached 126 dollars a barrel on Thursday, the highest level in four years, before falling back on Friday to sit at about 110 dollars a barrel.

However, Shell also cautioned that its gas production volumes were set to be lower than previously expected after being affected by attacks in the Middle East.

In March, its PearlGTL site in Qatar stopped production after being hit during attacks, while LNG facilities in the country partly owned by Shell have also been impacted.

The firm guided towards gas production of 880,000 to 920,000 barrels of oil equivalent per day (BOED), for the latest quarter.

It had previously predicted this would be between 920,000 and 980,000 BOED, and it would represent a slump from 948,000 in the final quarter of last year.

The update will come a week after rival energy giant BP revealed its profits more than doubled in the first quarter, far exceeding analysts’ expectations.

Moreover, Shell recently agreed a 16.4 billion US dollar (£12.1 billion) deal to buy Canadian energy firm ARC Resources which it said will strengthen its gas production and reserves “for decades to come”.

Richard Hunter, head of markets at Interactive Investor, said: “The recent BP numbers, where the group doubled its first quarter profit, has led to heightened expectations at Shell.

“In addition, this week the group announced the acquisition of Canadian company ARC Resources which it is estimated will add 370,000 barrels of oil per day to Shell’s portfolio, as well as generating double-digit returns and boosting free cash flow from next year.

“Investors will be looking for updates on trading, margins and any production issues resulting from the Middle East conflict.”