BP have announced huge profits for the first quarter of the year thanks to the spike in oil prices caused by the Iran war.
In its first results since the conflict began, the energy giant reported profits of $3.2bn (£2.4bn) for January to March, driven by an “exceptional” performance in its trading division.
The figure was higher than analysts had initially anticipated and more than double the $1.38bn it reported in the same period last year.
The profits are also BP’s highest since 2023, the Financial Times reports.
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These results are the first under new chief executive Meg O’Neill, who took over the reins at the beginning of April when her predecessor, Murray Auchincloss, left after less than two years in the role.
BP benefit from US-Israel war in Iran
The US-Israel conflict with Iran, which began on 28 February, has pushed oil prices higher after the Strait of Hormuz, which handles around 20% of global oil and LNG flows, was effectively closed.
The global benchmark for oil prices, Brent crude, is currently trading at about $110 a barrel, compared to around $73 before the Iran war began.
O’Neill said she had joined “at a time when our industry is operating in an environment of conflict and complexity”.
She added BP had been “working with customers and governments to get fuel where it’s needed, helping minimise disruption and the impact it can have on people’s lives”.
Energy giant profits from conflict – again
The soaring profits for BP are the latest example of the London-listed company profiteering off the back of a global conflict.
In the wake of Russia’s invasion of Ukraine, BP made staggering profits amid gas market chaos. Record profits were also reported by fellow oil and gas giant Shell.
Meanwhile, a report from 2024 found that BP had extracted an eye-watering £15.44bn of Iraqi oil in the years following the British and US invasion of the country.