BP’s profits more than doubled at the war in Iran pushed gas prices to new multiyear highs
BP's profits more than doubled in the first quarter as the war in Iran disrupted oil flows and sent energy prices to multiyear highs, with Brent crude surpassing $104 a barrel and U.S. gasoline averaging $4.18 per gallon. The conflict has strained global energy supplies, particularly through the Strait of Hormuz, which handles about 20% of the world’s oil. BP’s integrated trading operations capitalized on market volatility, outperforming expectations and drawing criticism for profiting amid economic hardship. The company’s results provide an early look at how major oil firms may report during the ongoing crisis.
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BP’s profit more than doubled in the first quarter as the war in Iran drove energy prices sharply higher.Recommended Video On the same day that the British energy giant reported a banner financial performance, gasoline prices in the U.S. hit new multiyear highs, a point of increasing agitation for travelers, households and also businesses that are particularly sensitive to higher energy prices, such as airlines. The near closure of the Strait of Hormuz off the coast of Iran is a flashpoint in the war and the source of much of the economic pain being felt globally. The Trump administration appeared unlikely Tuesday to accept Iran’s offer to end the war and reopen the strait if the U.S. lifts its blockade on the country.
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