Barclays' profits rose, but loan losses weighed on its first-quarter results. At the same time, oil giant BP’s earnings jumped, largely driven by an exceptional oil trading boom linked to the Iran war.
BP reported underlying profits of $3.2bn for Q1 2026, more than double the $1.38bn from the same period last year, beating City forecasts of $2.67bn. The energy giant said profits were driven by an exceptional oil trading contribution as oil prices surged following the US-Israel war on Iran that began in late February, with the Strait of Hormuz effectively blocked.
BP reported first-quarter underlying replacement cost profit of $3.2 billion, more than doubling from a year ago and beating analyst expectations of $2.63 billion. The surge was driven by exceptional oil trading contributions and stronger midstream performance amid Middle East conflict that has disrupted Strait of Hormuz. CEO Meg O'Neill called it another quarter of strong delivery towards 2027 targets. BP shares are up 32% in 2026, second only to TotalEnergies among oil supermajors.
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.
