BP profits more than double as oil and gas prices soar in Iran war

The cost of petrol and diesel has jumped amid rises in oil prices prompted by the Iran war. Photograph: Henry Nicholls/AFP/Getty ImagesView image in fullscreenThe cost of petrol and diesel has jumped amid rises in oil prices prompted by the Iran war. Photograph: Henry Nicholls/AFP/Getty ImagesBPBP profits more than double as oil and gas prices soar in Iran warEnergy company hails ‘exceptional’ contribution of oil trading operations as profits hit $3.2bn in the first quarter Business live – latest updates Guardian staff and agenciesTue 28 Apr 2026 02.58 EDTFirst published on Tue 28 Apr 2026 02.36 EDTSharePrefer the Guardian on GoogleBP’s quarterly profits have more than doubled after a jump in oil and gas prices linked to the conflict in the Middle East.The energy company said on Tuesday that underlying profits for the first quarter were $3.2bn (£2.4bn), up by more than 130% from $1.38bn in the equivalent period a year ago. It is the company’s highest quarterly profit since 2023 and outstripped City forecasts of $2.67bn.BP – which was hit by a shareholder rebellion last week – said profits had been driven by an “exceptional oil trading contribution”. The reported jump in profits sparked an immediate backlash from campaign groups.Shell to buy Canadian shale producer ARC Resources for $16.4bnRead moreOil prices have risen rapidly since the US-Israel war on Iran began in late February, as the vital strait of Hormuz shipping channel remains effectively blocked.Brent crude rose 2.2% on Tuesday to $110.68 a barrel, its highest level since 7 April, the day the US-Iran ceasefire was agreed.In her first results as chief executive of BP, Meg O’Neill said: “I join at a time when our industry is operating in an environment of conflict and complexity, playing a vital role in keeping energy flowing.”She said its employees had been working “relentlessly to keep our assets producing safely, reliably and efficiently. “We are 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.”Fears are growing over shortages of jet fuel linked to the war that could lead to significant numbers of flight cancellations.Patrick Galey, the head of investigations at Global Witness, said: “It is horrifying to see BP’s profits grow as millions suffer the fallout from the US-Israel war on Iran. Unfortunately we’ve been here before – when Russia invaded Ukraine four years ago we saw big oil firms make bumper profits from spiralling fuel costs.”Maja Darlington, a climate campaigner for Greenpeace UK, said the war had been “an entirely predictable disaster for everyone except the oil industry. BP’s profits are booming, with Trump’s bombs bringing billions for them and bigger bills for us.”Simon Francis, the coordinator of the End Fuel Poverty Coalition, said: “These astronomical profits are a startling reminder that when conflict drives up the price of oil and gas, energy companies profit and households pay.”Household bills are forecast to reach nearly £2,000 from July, when the next quarterly price cap for gas and electricity charges comes into effect.Francis said the results showed why the existing windfall tax on oil and gas companies was “so necessary”. He added: “The government must respond with emergency support for the hardest-hit households and accelerate the shift to a renewables-led energy system that insulates people from price shocks caused by our exposure to oil and gas…

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