Oil major BP beats profit expectations as Iran war boosts fuel prices
BP refinery in Lingen, Germany (aerial view from drone).
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British energy giant blood pressure On Tuesday, it reported stronger-than-expected first-quarter profit following a surge in oil and gas prices due to conflict in the Middle East.
The oil giant announced its basic replacement cost profit, which is used as an indicator of net profit in the first three months of the year, as 3.2 billion dollars. That beat analysts’ expectations of $2.63 billion, according to a consensus compiled by LSEG.
The company said the results reflected “exceptional” oil trading contributions and stronger medium-term performance.
BP’s net profit was 1.38 billion dollars in the same period last year and 1.54 billion dollars in the last three months of 2025.
This comes as oil and gas companies have experienced a significant increase in their share prices as fossil fuel prices have risen since February 28, when the US-Israeli war against Iran began.
Ongoing and severe disruptions in the strategically vital Strait of Hormuz have resulted in what the International Energy Agency describes as the greatest energy security threat in history.
BP’s shares have rebounded in the last 12 months after years of relative underperformance, which resulted in the company being the subject of intense takeover speculation.
Shares listed in London continued their rise this year. Shares up more than 32% in 2026, meaning BP ranks second behind France Total Energies It is among the top five largest companies in the field of oil.
BP’s board was the subject of a shareholder revolt at last week’s annual general meeting following a tense dispute with investors over corporate governance and climate transparency.
The company failed to win majority shareholder approval on two highly anticipated proposals that would allow online-only general shareholders’ meetings and eliminate two company-specific climate disclosure obligations.
This formed part of a wider investor revolt in the General Assembly; this rebellion resulted in weaker than usual support for BP Chairman Albert Manifold and strong support for a motion calling on leading companies in the energy sector to justify capital discipline in oil and gas investments.
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