BP has provoked outrage by revealing its first-quarter profits more than doubled to $3.2bn (£2.4bn), capitalising on soaring oil prices driven by the war in Iran. The energy company reported profits of $3.2bn for the first quarter, compared with $1.38bn in the same period last year, crediting “exceptional oil trading” for its highest quarterly profit since 2023.
Campaign groups immediately called for tougher windfall taxes on fossil fuel companies. Maja Darlington of Greenpeace UK said the war had been “an entirely predictable disaster for everyone except the oil industry”, while Patrick Galey of Global Witness described the profits as “horrifying” as millions suffer from the conflict.
The global energy market has faced its greatest supply crisis after Iran seized control of the Strait of Hormuz, sending international oil prices to highs of $119.50 a barrel in March. BP’s Rumaila oilfield in southern Iraq was damaged by drone attacks, and repair bills are expected to weigh on future profits.
Meg O’Neill, BP’s new chief executive, said the company was working “relentlessly” to keep oil and gas flowing and was ready to work with the Iraqi government to restore production once shipping restrictions are lifted. The windfall tax on UK oil and gas activities, set at 38% after Russia’s invasion of Ukraine, applies only to domestic earnings.
Campaigners urged the government to provide emergency support for households facing energy bills of nearly £2,000 a year from July. Chancellor Rachel Reeves has ruled out universal support but said the windfall tax would remain in place to capture profits made in the UK.
