BP Profits More Than Double to $3.2bn in Q1 Amid Iran Conflict Oil Surge
Energy giant reports better-than-expected results under new CEO Meg O'Neill as Brent crude hits $110/barrel following Strait of Hormuz closure
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- BP reported Q1 profits of $3.2bn, more than double the $1.38bn in the same period last year, driven by exceptional trading performance and surging oil prices since the Iran war began on 28 February.
- The conflict has closed the Strait of Hormuz, pushing Brent crude from $73 to $110/barrel.
- This is the first results under new CEO Meg O'Neill, who took over from Murray Auchincloss at the start of April.
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BP'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 trading division. The figure was higher than analysts had expected and more than double the $1.38bn it reported in the same period last year. The results are the first under new chief executive Meg O'Neill, who took over at the beginning of April when her predecessor, Murray Auchincloss, left after less than two years in the role. The US-Israel conflict with Iran, which began on 28 February, has led to a surge in oil prices, as the key Strait of Hormuz - which usually carries about 20% of the global supplies of oil and liquid natural gas - has been effectively closed. Brent crude, the global benchmark for oil prices, is currently trading at about $110 a barrel, compared with around $73 before the Iran war began. O'Neill said she had joined "at a time when our industry is operating in an environment of conflict and complexity".
