BP profits more than double as oil and gas prices soar in Iran war
BP has reported a significant increase in profits, more than doubling to $3.2 billion in the first quarter of the year. This surge is attributed to rising oil prices driven by the ongoing conflict in Iran, leading to backlash from campaigners. The situation has reignited discussions on the need for higher windfall taxes on fossil fuel companies to support struggling consumers.
- ▪BP's first-quarter profits reached $3.2 billion, more than double the $1.38 billion from the same period last year.
- ▪The increase in profits has sparked outrage from campaign groups who argue that it comes at the expense of consumers.
- ▪The conflict in Iran has caused significant disruptions in the global energy market, leading to record price increases for oil.
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The cost of petrol and diesel has jumped amid rises in oil prices prompted by the Iran war. Photograph: Henry Nicholls/AFP/Getty ImagesView image in fullscreenThe cost of petrol and diesel has jumped amid rises in oil prices prompted by the Iran war. Photograph: Henry Nicholls/AFP/Getty ImagesBPBP profits more than double as oil prices soar in Iran warFirst-quarter profits of $3.2bn prompt outrage from campaigners, who say figures come at expense of consumersJillian AmbroseTue 28 Apr 2026 07.02 EDTFirst published on Tue 28 Apr 2026 02.36 EDTSharePrefer the Guardian on GoogleBP has provoked outrage by revealing its profits more than doubled in the first quarter of this year after its oil traders reaped the benefit of the war in Iran.The energy company capitalised on a surge in global oil…
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