BP profits more than double as oil and gas prices soar in Iran war | BP
BP’s quarterly profits more than doubled due to a rise in oil and gas prices linked to conflicts in the Middle East.
The energy company said on Tuesday its underlying profit in the first quarter rose to $3.2bn (£2.4bn) from $1.38bn in the same period a year earlier, beating City forecasts of $2.67bn.
BP, which was hit by a shareholder revolt last week, said its profits were due to an “extraordinary oil trading contribution”.
Oil prices have soared since the US-Israeli war against Iran began in late February, with the vital Strait of Hormuz shipping channel effectively remaining closed.
Meg O’Neill, BP’s new chief executive, said: “I join at a time when our industry operates in an environment of conflict and complexity and plays a vital role in keeping energy flowing.”
He said his employees “work tirelessly to ensure our assets are produced safely, reliably and efficiently.”
“We work with customers and governments to deliver fuel where it is needed, helping to minimize disruption and its impact on people’s lives.”
Fears are growing that war-related jet fuel shortages could lead to the cancellation of significant numbers of flights.
Patrick Galey, head of investigations at Global Witness, said: “It is appalling to see BP’s profits soaring while millions suffer the consequences of the US-Israeli war on Iran. Unfortunately, we have been here before; we saw major oil firms make huge profits from rising fuel costs when Russia invaded Ukraine four years ago.”
