BP profits more than double as oil trading booms on soaring crude prices amid Iran war
BP's profits more than doubled in the first quarter of 2026, reaching $3.2bn amid soaring oil prices driven by the Iran war and disruption to global supply. The energy giant's trading division capitalized on volatile markets, far exceeding analyst expectations. Critics have condemned the windfall as households face rising fuel and energy costs. CEO Meg O'Neill emphasized BP's role in maintaining fuel supplies during the crisis.
- ▪BP's underlying replacement cost profit rose over 130% to $3.2bn in Q1 2026, up from $1.38bn a year earlier.
- ▪Oil prices surged past $100 a barrel, driven by the Iran war and the blockade of the Strait of Hormuz.
- ▪BP's customers and products division, including oil trading, posted $2.5bn in profits, a sharp increase from $103m a year ago.
- ▪Campaign groups like Global Witness and Friends of the Earth criticized BP for profiting while consumers face higher energy bills.
- ▪BP's share price rose 2.5% following the earnings report, adding to a 28% gain over the previous three months.
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NewsBusinessBP profits more than double as oil trading booms on soaring crude prices amid Iran warThe FTSE 100 firm’s preferred profit measure soared to a better-than-expected $3.2bn in the first quarterKarl Matchett & Stuti MishraTuesday 28 April 2026 09:42 BSTBookmarkCommentsGo to commentsBookmark popoverRemoved from bookmarksClose popover{"translations":{"comments":"Go to comments","share":"Share","copyLink":"Copy link","bookmark":"Bookmark","removeBookmark":"Remove bookmark"},"showComments":true,"showBookmark":true,"articleId":"b2966148","articleMeta":{"url":"https://www.independent.co.uk/news/business/iran-bp-profits-oil-prices-b2966148.html","title":"How have BP profits more than doubled during the Iran war oil crisis?"}}Starmer tells Britons ‘don’t panic’ over impact of Iran warYour support helps us to tell the storyRead moreSupport NowFrom reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.Your support makes all the difference.Read more{}BP has come under fire after revealing profits more than doubled in the first three months of the year, thanks to the soaring cost of crude caused by the Iran war.Chief executive Meg O’Neill praised the quarter as sending the firm “in the right direction” and “strengthening the balance sheet” – but critics have labelled the energy giant’s revenues as “horrifying” as “millions suffer the fallout” from war.The FTSE 100 firm revealed its preferred profit measure – underlying replacement cost profit – surged by over 130 per cent to a better-than-expected $3.2bn (£2.4bn) in the first quarter, up from $1.38bn (£1.02bn) a year earlier and $1.54bn (£1.13bn) in the previous three months. Most analysts had expected first-quarter profits of $2.67bn (£1.97bn).if (document.cookie.split(';').some(cookie => cookie.trim() === '__DEBUG__=true')) { console.log('Ad logs: "mpu1", renderedAtParagraph: 3'); }if (document.cookie.split(';').some(cookie => cookie.trim() === '__DEBUG__=true')) { console.log('Ad logs: "mpu1", injectedAtParagraph: 3'); }Campaigners accused the group of profiting at the expense of households, who have seen fuel prices rocket at the pumps and are set to see energy bills jump higher once more when the price cap is next updated on 1 July.The price of oil has risen from the mid-$60s range in February to over $100 now, spiking close to $120 several times during the course of the Iran war.open image in gallery{"id":"trigger-autogallery-10674","index":0}Most analysts had expected first-quarter profits of $2.67bn (£1.97bn) (PA)Patrick Galey, head of news investigations at campaigning organisation Global Witness, said: “It is horrifying to see BP’s profits grow as millions suffer the fallout from the US-Israel war on…
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