What were BP's first-quarter underlying profits, and how do they compare to the same period last year and market expectations?

BP's first-quarter underlying profits were $3.2bn (£2.4bn), more than doubling from $1.38bn a year ago — an increase of over 130%. This marks BP's highest quarterly profit since 2023 and exceeded City forecasts of $2.67bn.

How is the US-Israel war on Iran linked to BP's profit surge and current oil price dynamics?

BP's profit surge is directly linked to soaring oil and gas prices following the US-Israel war on Iran, which began in late February and effectively blocked the Strait of Hormuz; Brent crude rose to $110.68 a barrel — its highest level since 7 April — and BP's customers and products division (including oil trading) reported profits of $2.5bn, up sharply from $103m a year ago.

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

Apr 28, 2026

BP reported a 130% surge in first-quarter underlying profits to $3.2 billion, driven by soaring oil and gas prices linked to Middle East conflict. Critics urge windfall taxes as rising energy costs threaten household budgets while Brent crude rises.

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

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

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