BP profits more than double as oil trading booms on soaring crude prices amid Iran war
BP's profits more than doubled in the first quarter of 2026, reaching $3.2 billion amid soaring crude oil prices driven by the Iran war. The energy giant's strong financial performance contrasted with rising fuel and energy costs for consumers. Critics have condemned BP for profiting while households face increased living expenses and global instability.
- ▪BP's underlying replacement cost profit surged over 130% to $3.2 billion in the first quarter of 2026.
- ▪Oil prices rose from the mid-$60s in February to over $100, spiking near $120 during the Iran war.
- ▪Analysts had expected BP's first-quarter profits to reach $2.67 billion, significantly below the actual figure.
- ▪Campaigners accused BP of profiting from war-driven price increases while consumers face higher fuel and energy bills.
- ▪Global Witness called for oil companies to be held accountable for climate damage and rising living costs.
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NewsBusinessBP profits more than double as oil trading booms on soaring crude prices amid Iran warThe FTSE 100 firm’s preferred profit measure soared to a better-than-expected $3.2bn in the first quarterKarl Matchett & Stuti MishraTuesday 28 April 2026 09:42 BSTBookmarkCommentsGo to commentsBookmark popoverRemoved from bookmarksClose popover{"translations":{"comments":"Go to comments","share":"Share","copyLink":"Copy link","bookmark":"Bookmark","removeBookmark":"Remove bookmark"},"showComments":true,"showBookmark":true,"articleId":"b2966148","articleMeta":{"url":"https://www.independent.co.uk/news/business/iran-bp-profits-oil-prices-b2966148.html","title":"How have BP profits more than doubled during the Iran war oil crisis?"}}Starmer tells Britons ‘don’t panic’ over impact of Iran…
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