Shell's profit nearly triples as oil prices surge

Energy giant Shell has reported soaring profits as oil and gas prices surge around the world.

Shell made $9.13bn (£7.3bn) in the first three months of the year, nearly triple its $3.2bn profit it announced for the same period last year.

Earlier this week, its rival BP also revealed a sharp rise in income.

The UK government has so far ruled out a windfall tax on oil firms despite calls for one from opposition parties.

The invasion of Ukraine has helped oil and gas prices skyrocket. Russia is one of the world's major exporters but Western nations have pledged to cut their dependence on the country for energy.

Oil prices were already rising before the Ukraine war as economies started to recover from the Covid pandemic.