bp profits

BP profits double as oil prices surge amid Middle East conflict

BP has reported underlying profits of $3.198bn (£2.366bn) for Q1 2026, more than double the $1.418bn from a year earlier, benefiting from elevated oil prices following attacks that disrupted the Strait of Hormuz. The results exceeded analyst expectations of $2.7bn, with the company explicitly attributing the performance to exceptional oil trading. Oil has traded above $100/barrel since the Middle East war escalated, though only one month of these higher prices featured in the quarterly results, suggesting further profit growth ahead.

UAE Quits Opec in Shock Move as Iran Conflict Disrupts Global Energy Markets

UAE Quits Opec in Shock Move as Iran Conflict Disrupts Global Energy Markets

The UAE has announced it will quit Opec and Opec+ from 1 May, marking a pivotal moment for global energy markets. While analysts say the near-term implications are limited due to the Strait of Hormuz blockade preventing oil shipments, the move could allow the UAE to increase production once the conflict ends and push down prices long-term. The UAE has been dissatisfied with Opec quotas it considers unfair constraints on its infrastructure investments.

4 dk okuma

BP profits double as Iran war drives up energy prices

Acil

BP profits double as Iran war drives up energy prices

BP has reported nearly $3.2bn profit in Q1 2026, more than double year-earlier levels, driven by exceptional oil trading and surging energy prices since the Iran war began at the end of February. The oil major's new CEO Meg O'Neill acknowledged the "environment of conflict and complexity". Meanwhile, the UAE announced it is quitting Opec from 1 May, and UK government borrowing costs approached levels last seen during the 2008 financial crisis, with 10-year gilt yields at 5.02%. Chancellor Rachel Reeves pledged to maintain the 38% windfall tax on oil and gas companies.

4 dk okuma

BP profits more than double to $3.2bn amid Iran conflict supply crisis

BP profits more than double to $3.2bn amid Iran conflict supply crisis

BP has reported first-quarter profits of $3.2bn, more than double the $1.38bn from the same period last year, after capitalising on surging oil prices caused by the Iran conflict. The energy giant's new chief executive Meg O'Neill credited "exceptional oil trading" for the result, the highest quarterly profit since 2023. The conflict has throttled Gulf oil exports through the Strait of Hormuz, with Brent crude reaching $119/barrel in March. Campaign groups condemned the "horrifying" profits as coming at the expense of millions of consumers, while BP's Rumaila oilfield in Iraq was damaged by drone attacks.

Guardian UK

3 dk okuma

BP profits more than double to $3.2bn amid Middle East conflict

BP profits more than double to $3.2bn amid Middle East conflict

BP has reported underlying profits of $3.198bn (£2.366bn) for the first quarter, more than doubling year-earlier earnings of $1.381bn. The oil major benefited from exceptional oil trading as benchmark Brent crude prices surged above $100/barrel following attacks affecting the Strait of Hormuz. Analysts had expected profits of $2.7bn. The company, which has most production in North America, is well-placed to benefit from high prices while experiencing minimal Middle East disruption. Environmental groups criticized the profits as profiting from human misery.

BP profits more than double as oil prices surge amid Iran war

BP profits more than double as oil prices surge amid Iran war

BP has reported underlying profits of $3.198bn (£2.366bn) for the first quarter, more than doubling from $1.381bn a year earlier, as the company benefits from oil prices exceeding $100/barrel since the Iran war outbreak disrupted the Strait of Hormuz. The energy giant exceeded analyst expectations of $2.7bn and attributed the results to exceptional oil trading, with most of its production in North America allowing it to avoid Middle East disruption while capitalising on higher prices. The UK government faces renewed criticism over energy costs, with the price cap expected to rise by hundreds of pounds in July, while environmental groups condemned the profits as profiting from human misery.

BP Profits Double Amid Iran War and Rising Energy Prices

Acil

BP Profits Double Amid Iran War and Rising Energy Prices

BP's first-quarter profits nearly doubled to $3.2bn, driven by soaring energy prices due to the Iran war and strong oil trading performance. The company acknowledges the complex geopolitical environment while facing potential disruptions.

7 dk okuma

BP profits double as Iran war drives up energy prices

BP has reported nearly $3.2bn profit in Q1 2026, more than double the $1.38bn from the same period last year, driven by exceptional contributions from oil trading operations amid the Iran war that began at the end of February. The surge in oil and gas prices in March disrupted regional energy supplies, benefiting the oil major despite ongoing Middle East conflict. CEO Meg O'Neill acknowledged the "environment of conflict and complexity" while noting strong operational performance and increased production in the Gulf of America.

1 dk okuma

BP Profits More Than Double to $3.2bn in Q1 Amid Iran Conflict Oil Surge

BP Profits More Than Double to $3.2bn in Q1 Amid Iran Conflict Oil Surge

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.

BBC Business

1 dk okuma

BP profits more than double to $3.2bn as oil prices surge amid Strait of Hormuz disruption

SON DAKİKA

BP profits more than double to $3.2bn as oil prices surge amid Strait of Hormuz disruption

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.

BP Profits Double as Iran War Drives Up Energy Prices

BP nearly doubled its profits to $3.2bn in Q1 2026, driven by surging oil and gas prices following the Iran war that began at the end of February. The oil major beat analyst expectations, with CEO Meg O'Neill acknowledging the "environment of conflict and complexity." Campaign group Global Witness criticized the profits, noting this is the second time in four years that geopolitical conflict has boosted oil company earnings, following Russia's 2022 invasion of Ukraine.