BP profits more than double as Iran war sends oil prices higher
The energy giant said it had seen an "exceptional" performance at its oil trading business.
AI Summary
BP's profits more than doubled to $3.2bn in the first quarter of 2025, driven largely by a surge in oil prices following the Iran war that began in late February. The conflict has effectively closed the Strait of Hormuz, a critical chokepoint for global oil supplies, causing Brent crude to rise to around $110 per barrel from $73 before the war. BP's oil trading business performed exceptionally, with its customers and products division profits jumping to $2.5bn from $103m a year earlier, though the company's upstream oil and gas production remained flat and is expected to decline further in the second quarter due to Middle East disruptions.