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Shell has upped its integrated gas production outlook for the second quarter as the soaring cost of crude also significantly boosted its oil and gas trading businesses.

In an update ahead of second-quarter figures, the oil giant raised its guidance for integrated gas production between April and June, though it is still set to drop sharply compared with the first quarter due to the Middle East conflict impacting output from Qatar.

Shell’s Pearl GTL site in Qatar stopped production in March after being hit during attacks while LNG facilities in the country partly owned by Shell were also affected.

While its Pearl site has not been able to produce gas since the missile attack, the group has seen production boosted group-wide thanks to a strong performance at other facilities globally.

The group said trading results at its chemicals and ​products unit – including its oil trading business – ⁠are ⁠expected to be ‌in line with the ​previous ​quarter’s ‌results, when the division saw underlying earnings more than quadruple year-on-year to 1.93 billion dollars (£1.44 billion).

Shell added that the performance in its gas trading division is set to be “significantly higher” than in the first three months of the year.

Brent crude oil, jet fuel and gas prices rocketed higher after the Iran war started on February 28, with the vital Strait of Hormuz shipping closed.

The price of crude hit above 120 US dollars a barrel but has fallen back to levels seen before the war, now at around 73 dollars a barrel, after the US and Iran signed an interim peace deal last month.

After surging to multi-year highs, Shell’s shares have been knocked in recent weeks as the price of oil has recovered to pre-war levels,

Chris Beauchamp, chief market analyst at investing and trading platform IG, said: “While Shell can revel in the boost to refining margins and the bounty delivered by an inflow of working capital, it also has to suffer through the loss of production thanks to a hit to Qatari volumes.

“The rout in Shell’s share price has reflected that in oil prices, but higher margins give hope that some of that extra cash will find its way to shareholders via dividends.”