BP profits more than double amid Iran war and soaring oil prices

BP has reported a more than doubling of its quarterly profits, reaching $3.2 billion in the first quarter of 2026.

This increase is attributed to an exceptional performance in its oil trading operations amid the ongoing conflict involving Iran and the resulting surge in oil prices.

The energy company's underlying profits rose by over 130% compared to $1.38 billion in the same period last year.

This figure surpassed analysts' expectations of $2.67 billion and marks BP's highest quarterly profit since 2023.

The surge in profits coincides with the US-Israel conflict with Iran, which began in late February 2026.

The conflict has effectively blocked the Strait of Hormuz, a critical shipping channel that typically handles about 20% of global oil and liquid natural gas supplies.

Brent crude prices have risen to around $110 per barrel, the highest since early April.

BP's new chief executive, Meg O'Neill, who assumed her role in April, highlighted the company's efforts to maintain safe and reliable production and to work with customers and governments to minimize fuel supply disruptions.

She emphasized the complex environment in which the energy industry is currently operating.

Despite the strong trading profits, BP's upstream production, which involves oil and gas extraction, remained flat during the quarter.

The company also anticipates lower production in the second quarter due to disruptions in the Middle East.

The results have drawn criticism from environmental and campaign groups, who highlight the contrast between BP's profits and the broader impact of the conflict on fuel prices and global stability.

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