Oil giant BP reports surge in profits as Iran war pushes oil prices higher

BP attributed the more than doubling of profits to “exceptional” oil trading.

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.

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.

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".