Profits at oil giant Shell have risen in the first three months of the year following the sharp increase in oil prices since the beginning of the Iran war.

Shell reported profits of $6.92bn (£5.1bn) for the first quarter, which was higher than analysts had expected and up from $5.58bn in the same period a year earlier.

The price of oil has seen a big rise since the start of the US-Israel war with Iran as the key Strait of Hormuz – which usually carries about 20% of the global supplies of oil and liquid natural gas – has been effectively closed, reports the BBC.

Last week, rival energy giant BP said its profits for the first three months of the year had more than doubled.

“Shell delivered strong results enabled by our relentless focus on operational performance in a quarter marked by unprecedented disruption in global energy markets,” said Shell chief executive Wael Sawan.