BP profits more than double as Iran war sends oil prices higher
BP has reported a significant increase in profits, more than doubling to $3.2 billion in the first quarter of 2026 due to rising oil prices amid the Iran war. The surge in profits is attributed to the volatility in oil prices, particularly in the Strait of Hormuz, which has impacted global oil supply. Despite strong trading results, BP's upstream production remains flat, and the company anticipates lower production in the upcoming quarter due to ongoing disruptions.
- ▪BP's profits for the first three months of 2026 reached $3.2 billion, more than double from the previous year.
- ▪The increase in profits is linked to the surge in oil prices caused by the Iran war and the closure of the Strait of Hormuz.
- ▪Chancellor Rachel Reeves emphasized the importance of taxing windfall profits from energy companies appropriately.
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BP profits more than double as Iran war sends oil prices higher28 April 2026ShareSaveAdd as preferred on GoogleNick EdserBusiness reporterGetty ImagesBP's profits for the first three months of the year have more than doubled following a surge in oil prices since the beginning of the Iran war.In its first results since the conflict broke out, the energy giant reported profits of $3.2bn (£2.4bn) between January and March after an "exceptional" performance in its oil trading business.The figure was higher than analysts had expected and far ahead of income in the same period last year which reached $1.38bn.The oil price has seen sharp swings since the start of the US-Israel war with Iran as the key Strait of Hormuz - which usually carries about 20% of the global supplies of oil and liquid…
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