BP has reported third-quarter profits that nearly quadrupled year-on-year, becoming the latest oil giant to face criticism for reaping large gains from soaring crude prices linked to the war in Iran.
The FTSE 100 company said underlying replacement cost profits, its preferred earnings measure, jumped to 8.46 billion US dollars (£6.31 billion) in the three months to September 30, up from 2.21 billion dollars (£1.65 billion) a year earlier. The result came in well above forecasts.
Record earnings across the sector
The haul follows fellow oil major Shell, which on Thursday reported quarterly profits of 10.81 billion dollars (£8.06 billion). BP chief executive Meg O'Neill said the firm's refineries have been "running close to capacity" to help keep oil supplies flowing as the Middle East conflict has caused major disruption to global energy and fuel markets, with the vital Strait of Hormuz shipping route remaining closed.
Campaigners, however, have criticised oil companies for profiting from the crisis while households face another winter of high energy costs.
Campaigners call for higher taxes
Campaign group Global Witness claims BP's bumper profits bring the total from Europe's six biggest oil firms to 89 billion dollars (£66.4 billion) so far in 2026.
Jonathan Noronha-Gant from Global Witness said: "It is obscene that polluters are continuing to cash in on the fallout of the war in Iran, making more bumper profits from spiralling oil prices while innocent civilians suffer."
He added: "These massive profits come as ordinary people across Europe are struggling with the rising cost of living, with many struggling to afford to heat their homes as winter arrives. Oil giants can and should pay much more for the damage they are doing to our planet."
Calls are mounting for taxes on the sector to be increased, with no change to the levies paid by oil and gas firms announced in the Chancellor's budget on Wednesday.
