BP reports quarterly profits more than doubling to $5.73bn, driven by rising oil and gas prices from the Middle East crisis, as new CEO Meg O'Neill plans a major company overhaul.
Saudi Aramco reported a 33% year-on-year increase in second-quarter profit to $33.4 billion, beating expectations as oil supermajors benefit from higher prices driven by Middle East conflict and Strait of Hormuz disruptions.
Shell has revealed a surge in quarterly profits on the back of the Middle East conflict but also given an update on costly war damage to its output.
Shell has revealed a surge in quarterly profits on the back of the Middle East conflict but also given an update on costly war damage to its output.
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.
