BP has reported a more than doubling of first-quarter profits to $3.2bn (£2.4bn), capitalising on soaring oil prices driven by the war in Iran. The energy giant's profits for the three months to March were up 130% from $1.38bn in the same period last year, marking its highest quarterly profit since 2023.
The company attributed the surge to 'exceptional oil trading' as global oil prices spiked following Iran's seizure of control over the Strait of Hormuz, which throttled Gulf exports. International benchmark Brent crude reached $119.50 a barrel in March before a record release of emergency stockpiles cooled the market. On Tuesday, Brent was trading at around $111 a barrel.
BP's new chief executive, Meg O'Neill, said the company was working to 'keep oil, gas and refined products flowing' despite the conflict. However, the profits have sparked outrage from campaigners, who accuse BP of profiting from war at the expense of consumers. Maja Darlington of Greenpeace UK said: 'BP's profits are booming, with Trump's bombs bringing billions for them and bigger bills for us.'
The windfall tax on UK oil and gas profits, set at 38% during the 2022 energy crisis, remains in place. Chancellor Rachel Reeves has ruled out universal support for households but said the government would capture profits made in the UK through the tax. Energy Secretary Ed Miliband said it would be 'completely wrong' to allow companies to profit without contributing to help struggling households.
