And this has led to big profits for oil companies. It was Shell’s best quarter since the second quarter of 2022, when energy prices spiked after the initial Russian invasion of Ukraine. The British oil giant benefited from rising oil and gas prices resulting from instability in the Middle East. Shell CEO Wael Sawan told CNBC this week that “volatility is the new normal,” and that’s been a goal of the oil company to “thrive through volatility.” The Washington Post also reported Thursday about the trend of rising oil company profits, including Shell’s blockbuster quarter.