Shell reported an adjusted profit of $10.8bn in the third quarter, up from $5.432bn a year earlier, and raised its buyback program to $5bn for the next three months, from $3bn in the previous quarter, the company said on Thursday.

Profit doubled as the Middle East conflict drove up oil and gas prices, pushing the refining margin Shell had projected for the quarter to $42 a barrel, against $24 in the second quarter. Shell and Total posted their highest quarterly profit since 2022, according to Reuters.