Sky News Business4/28/2026BusinessUnited Kingdom
BP profits more than double to $3.2bn as oil prices surge amid Strait of Hormuz disruption
Oil giant beats analyst expectations by nearly $500m as attacks on shipping lanes drive up benchmark prices
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- BP has reported underlying profits of $3.198bn (£2.366bn) for Q1 2024, more than double the $1.381bn from a year earlier and beating analyst expectations of $2.7bn.
- The oil giant attributed the result to exceptional oil trading as benchmark prices surged following attacks that effectively closed the Strait of Hormuz since early March, disrupting about a fifth of global oil and LNG flows.
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BP has reported underlying profits of $3.198bn (£2.366bn) for Q1 2024, more than double the $1.381bn from a year earlier and beating analyst expectations of $2.7bn. The oil giant attributed the result to exceptional oil trading as benchmark prices surged following attacks that effectively closed the Strait of Hormuz since early March, disrupting about a fifth of global oil and LNG flows.
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This article was originally published by Sky News Business.
