BP has reported an increase in profits; more than its earnings in the first quarter of the year 2026since the beginning of the Iran war.
The energy giant announced profits of $3.2 billion between January and March, marking the strongest quarterly performance in years, despite the geopolitical conflicts.
The Iran war has rattled the global energy markets, disrupting supply chains across the world. Consumers feeling the impact from the rise in petrol prices, thus affecting transportation costs, and inflationary pressure across industries.
According to the price of Brent crude, the global benchmark for oil prices was around $73 a barrel and has now risen to nearly $ 120 at one point, but is now $110 as speculation suggests the Strait of Hormuz will reopen.
BP’s shareholders are celebrating soaring profits, while policymakers are grappling the economic fallout and a renewed urgency around energy independence. Profits in BP’s customers and products divisions, in the oil trading unit have surged to $ 2.5 billion compared with $103 million a year ago.
These reports are the newest under BP’s chief executive Meg O’Neill, who took over in April when Murray Auchincloss left after less than two years in his role. O’Neill joined a time when the industry is operating in an environment of conflict and complexity.
O’Neill has said she is working with governments and customers to get fuel where it’s needed and helping minimize disruption.
