BP profits more than double as Iran war sends oil prices higher
BP has reported a significant increase in profits, more than doubling to $3.2 billion in the first quarter of 2026 amid rising oil prices due to the ongoing Iran war. The company's oil trading business performed exceptionally well, capitalizing on the volatility in oil prices. However, BP's upstream production remains flat, and the company anticipates lower production in the coming months due to disruptions in the Middle East.
- ▪BP's profits for the first three months of 2026 reached $3.2 billion, more than double the previous year's figure of $1.38 billion.
- ▪The price of Brent crude oil has fluctuated significantly, rising from around $73 to nearly $120 a barrel since the Iran war began.
- ▪BP's trading division saw profits surge to $2.5 billion, while upstream production has remained flat and is expected to decline in the next quarter.
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BP profits more than double as Iran war sends oil prices higher28 April 2026ShareSaveAdd as preferred on GoogleNick EdserBusiness reporterGetty ImagesBP's profits for the first three months of the year have more than doubled following a surge in oil prices since the beginning of the Iran war.In its first results since the conflict broke out, the energy giant reported profits of $3.2bn (£2.4bn) between January and March after an "exceptional" performance in its oil trading business.The figure was higher than analysts had expected and far ahead of income in the same period last year which reached $1.38bn.The oil price has seen sharp swings since the start of the US-Israel war with Iran as the key Strait of Hormuz - which usually carries about 20% of the global supplies of oil and liquid…
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