Shell Plc said its profit surged in the first quarter as the Iran war drove oil and gas prices higher and the conflict caused a increase in volatility that boosted its big trading business.

Adjusted net income rose to $6.92 billion, the London-based company said in a statement. That beat the $6.1 billion median estimate of analysts compiled by Bloomberg. Refining margins also climbed because of soaring fuel prices. Shell cut its quarterly share buyback to $3 billion from $3.5 billion.