Shell profits nearly triple as oil prices surge

As oil and gas prices surge around the world, Shell has reported its highest ever quarterly profits.

In the first three months of the year, Shell made $9.13 billion, nearly triple the profit it made in the same period last year.

The firm said pulling out of Russian oil and gas cost it $3.9 billion.

The UK has so far ruled out a windfall tax, despite a sharp rise in profit by rival company, BP.

Oil and gas prices have gone up because of the invasion of Ukraine. Western nations have pledged to cut their dependence on Russia for energy, despite the fact that Russia is one of the world's major exporters.

Before the war in Ukraine, oil prices were going up.

The war in Ukraine has caused significant disruption to global energy markets, according to Shell chief executive Ben van Beurden.

The higher cost that comes with uncertainty is being felt far and wide.

We have been engaging with governments, our customers and suppliers to work through the challenging implications and provide support and solutions where we can.

Underlying profits for Shell rivals have risen sharply.

Equinor, which supplies a quarter of the UK's gas, posted record earnings on Wednesday.

The cost of living is going up because of high oil and gas prices.

In the UK, inflation is running at its highest rate in 30 years, as energy bills, fuel costs and food prices go up.

The Bank of England is expected to raise interest rates on Thursday in order to temper inflation.