Shell expects gas and oil products trading results to match the previous quarter, when they helped deliver its second-highest quarterly profit on record. (EPA Images pic)

BENGALURU: Shell expects third-quarter refining margins to jump to US$42 a barrel, a record high and sharply above US$24 a barrel in the previous quarter, the oil major said on Wednesday.

Global benchmark Brent LCOc1 crude prices surged after the US and Israel attacked Iran in late February, prompting Tehran to effectively shut the Strait of Hormuz and attack Gulf neighbours.

Major oil companies are expected to reap a multibillion-dollar windfall from the conflict as higher energy prices boost revenues.

Results from Shell's large gas and oil products trading businesses are expected to be in line with the previous quarter, when they helped the company deliver its second-highest quarterly profit on record.