BP posts $5.7 billion profit as Iran war lifts oil prices
BP reported a quarterly profit of $5.7bn, its highest since 2022, as the conflict involving Iran pushed global oil prices higher. The energy company said stronger crude prices offset weaker refining margins elsewhere in its business. Environmental groups criticised the results, accusing BP of profiting from the volatility.
BP reported a profit of $5.7bn for the quarter, its strongest result since 2022, as prices for crude oil climbed amid the conflict involving Iran. The London-listed energy company said higher upstream earnings more than offset softer margins in its refining and trading operations.
Executives said the volatility in energy markets, driven partly by disruption fears around Middle East shipping routes, had supported the company's income even as demand growth elsewhere remained modest. BP pointed to strong output from its oil and gas production division as the main driver of the result.
Environmental groups accused BP of profiteering from the conflict and renewed calls for windfall taxes on energy firms, arguments the company has previously rejected. Investors will be watching upcoming quarters closely for signs of whether elevated oil prices persist or ease as diplomatic efforts around the region continue.
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