Lucy Hough

The lead producer was Zoe Hitch.

This is The Guardian.

This is The Guardian.

And a lot of rich shareholders are getting substantially richer as consumers are paying more.

Europe's biggest oil and gas company Shell has raked in nearly $7 billion in profits since the Iran war started, reigniting calls for tougher windfall taxes and support for consumers.

From The Guardian's Today In Focus, this is The Latest with me, Lucy Hough.

I'm joined by Gillian Ambrose, our energy correspondent.

Gillian, since the start of this conflict, we've been talking about the impact on oil prices, which over the weekend soared to nearly $120 a barrel, which is astronomical.

Meanwhile, we have had an exclusive report from our colleague Damon Carrington last month about the amount of money that oil giants are making from this conflict, $30 million an hour.

Today, we've had the profits from Shell, an unbelievable $6.9 billion since the start of the war, which has exceeded expectations.

I'm just a bit confused by all of this because, you know, we're hearing about the disruption in the Strait of Hormuz, these stuck oil ships, that productivity is slightly down.

So why these huge profits given the disruption?

Yes, because it's not just Shell.

BP also reported profits of $3.2 billion for the last quarter, which is double what it made for a similar period in the last year.

I'm sorry to have a bit of a moan here, but I filled up my car on the weekend for the first time since the start of the Iran war.

Normally it's 50 quid to fill up my full tank and it was £75.

I'm not alone in that.

And I'm talking about a very bashed up, very small polo here.

But it just feels outrageous that these prices are being passed on to consumers.

Yes, and also if you're planning to take a flight because jet fuel has doubled in price.