Hopes of a peace deal between the US and Iran are continuing to depress oil prices.
A barrel of Brent crude for future delivery is trading just above $100, more than $20 down on peaks seen last month.
Before the war, which began on 28 February, a barrel was $72.
We’ve seen the effects of just one month of elevated prices on Shell’s bottom line.
It has reported first-quarter net profits of $6.9bn (£5.1bn).
The sum is more than double the result seen in the previous three months and 24% higher than in the same period last year.
Like rival BP, Shell said the main boost to its bottom line came from oil trading, while profits in its chemicals and products business quadrupled.
The headline profit figure was higher than expected.
Shell slowed the pace of its share buyback programme to £3bn (£2.2bn) but raised its dividend by 5%.
Shares fell by 1.8% at the open, in line with declines seen by BP also, but remain more than 15% higher in the year to date.
The energy sector proved the main drag on the FTSE 100, which opened 0.2% lower at 10,417 following its 2% gain in the previous session.
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