BP reports ‘horrifying’ jump in profits as Iran war boosts oil trading; Brent crude hits three-week high – business live
Summary
BP reported that its profits nearly doubled to $3.2 billion in the first quarter of 2026, helped by higher oil prices after the war in Iran began. The conflict caused energy supply problems, boosting BP’s oil trading earnings and production in some US areas despite disruptions.Key Facts
- BP made $3.2 billion in profits in Q1 2026, up from $1.38 billion a year earlier.
- The Iran war that started in late February disrupted oil and gas supplies, pushing prices higher.
- BP’s oil trading business showed "exceptional" results due to the conflict.
- BP’s CEO Meg O’Neill said the company is working to deliver fuel amid a complex and difficult environment.
- Production increased in the Gulf of America and at BP’s US onshore unit.
- Oil prices rose to their highest in three weeks, exceeding $110 per barrel.
- The rising energy prices are worrying central banks and affecting government borrowing costs.
- UK government borrowing costs are nearing their highest since 2008 due to economic pressures from the war and higher oil prices.
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