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BP Flags 'Exceptional' Trading Results Amid Oil Price Volatility

On Tuesday, BP announced its oil trading desk expects 'exceptional' first-quarter results, signaling a windfall from surging crude prices triggered by the U.S.-Israeli war against Iran that began February 28.
The conflict sent Brent crude soaring to multi-year highs near $120 a barrel after U.S.-Israeli strikes and Tehran's closure of the Strait of Hormuz, with oil prices now more than 60% higher so far this year.
Brent crude averaged $81.13 per barrel in Q1, up sharply from $63.73 in the previous quarter; refining margins rose to $16.9 a barrel, lifting refined products results by $100 million to $200 million.
Citi analysts raised their earnings forecast for BP by 20%, expecting first-quarter adjusted net income of $2.6 billion, while the company projects net debt rising to $25-27 billion from $22.2 billion amid working capital needs.
BP will report full first-quarter results April 28, following a similar guidance upgrade from rival Shell last week, as European majors capitalize on oil trading opportunities unavailable to U.S. competitors.

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BP oil announce 'exceptional' profits after unprovoked US-Israel attack on Iran

This morning, BP announced oil trading results in 1Q 2026 are expected to be ‘exceptional’ compared to the ‘weak’ performance of the previous quarter. BP said that the “ongoing situation in the Middle East” had “heightened volatility in crude oil, natural gas and refined products prices.” So, yes, the price shock and volatility have helped their profits. The surge comes with Brent crude averaging $81.13 per barrel in the first quarter of 2026. T…

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