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Oil major BP beats profit expectations as Iran war boosts fuel prices
The oil major beat analyst forecasts as its trading arm capitalized on volatile crude prices driven by the Iran war.
- The FTSE 100 firm reported profits of $3.2 billion for the first quarter, more than doubling the $1.38 billion recorded last year and exceeding analyst expectations of $2.67 billion.
- Conflict with Iran beginning on February 28 closed the Strait of Hormuz, restricting about 20% of global oil supplies and pushing Brent crude prices to about $110 a barrel from around $73.
- Crediting an "exceptional" performance in its trading division, the group's customers and products unit reported profits of $2.5 billion, driving the quarterly surge.
- These results mark the first quarter under Meg, who took over as chief executive at the beginning of April, replacing Murray Auchincloss after less than two years.
- She noted the industry operates in an "environment of conflict and complexity," adding that the firm is "working with customers and governments to get fuel where it's needed" to minimize disruptions.
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At the beginning of the year, the BP oil company made more than twice as much profit as it did in 2025. The company operates smaller oil plants in the Middle East than the competition.
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While drivers get in a bad mood at the petrol stations, the mood at the BP Group headquarters is likely to be different. The company reports phenomenal figures in the oil business. It is not as good as hoped for in the areas of gas and low-carbon energies.
Coverage Details
Total News Sources33
Leaning Left8Leaning Right6Center11Last UpdatedBias Distribution44% Center
Bias Distribution
- 44% of the sources are Center
44% Center
L 32%
C 44%
R 24%
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