BP Q1 Profit Doubles to £3.2 Billion

BP reported a surge in first-quarter profits to 3.2 billion pounds on Tuesday, more than doubling from 1.38 billion pounds a year earlier and exceeding analyst expectations of 2.67 billion pounds. The FTSE 100 energy company attributed the 130 percent increase to exceptional performance in its oil trading and midstream operations, driven by volatility in crude prices amid the US-Israel conflict with Iran that began on February 28.

The customers and products division, which includes trading, posted profits of 2.5 billion pounds, up sharply from 103 million pounds in the same period last year and 1.4 billion pounds in the prior quarter. Traders capitalized on sharp price swings, which created opportunities for arbitrage and hedging as demand fluctuated.

Oil prices have risen more than 60 percent this year, with Brent crude climbing from below 60 dollars a barrel at the start of 2026 to a peak near 120 dollars. The benchmark traded around 110 dollars on Tuesday after Iran's actions halted much of the traffic through the Strait of Hormuz, removing about 12 percent of global oil supply according to the International Energy Agency. The closure, linked to attacks on Gulf energy...