European oil majors lifted share buybacks as the Iran war drove bumper profits, according to the Financial Times. Shell’s adjusted net income rose to $10.8 billion from $5.4 billion a year earlier. Shell’s chief executive said he did not want surplus cash to “burn a hole in our pockets.”
WHO:European oil majors, including Shell
WHAT:European oil majors increased share buybacks as the Iran war drove bumper profits.
WHEN:Reported Oct 29, 2026 at 7:40 AM ET
WHERE:Europe
WHY:The Financial Times attributed the majors’ bumper profits to the Iran war, which drove energy prices higher.
Reporting from 3 identified publishers across this event arc.
