Nice to hear someone's making MORE profit.................

BP profits more than double on oil price impact of Iran war

By Hanna Ziady

BP’s profits more than doubled in the first three months of the year, as the company’s oil traders made the most of the wild swings in oil prices triggered by the Iran war.

The UK energy giant reported a first-quarter profit of £3.2 billion ($4.3 billion), up from £1.4 billion ($1.9 billion) in the first three months of 2025.

The boost reflected an “exceptional” oil trading result, BP said in an earnings statement Tuesday. Traders benefit from big changes in oil prices, known as volatility, if they can accurately predict the direction of travel.

Improved margins in its oil refining business also helped, as did a stronger performance from its midstream business, which handles the storage and transportation of oil and natural gas. The company’s shares gained 2.8% in London to trade at £5.88 ($8).

CEO Meg O’Neill — who took the helm at the beginning of April and is the company’s first female chief — said BP was “working relentlessly” to maintain reliable production. “We are working with customers and governments to get fuel where it’s needed, helping minimize disruption,” she added.

Brent crude oil climbed above $110 a barrel for the first time since early April Tuesday. The global oil benchmark was trading at around $73 just before the United States and Israel launched attacks on Iran on February 28. It stood at $60 at the start of the year.

Meanwhile, the End Fuel Poverty Coalition, a campaign group, called for a windfall tax on firms profiting from the Iran war-related energy crisis. “These astronomical profits are a startling reminder that when conflict drives up the price of oil and (natural) gas, energy companies profit and households pay,” the group’s co-ordinator Simon Francis said in a statement.