BP’s quarterly earnings have surged by more than 130 per cent, reaching $3.2billion (£2.4billion) in the opening three months of 2026 as the Iran conflict sent crude oil prices soaring.
The Ftse 100 energy giant comfortably outperformed City forecasts, with analysts having predicted profits of around $2.67billion (£1.97billion).
The company attributed its performance to “exceptional” contributions from oil trading and improved midstream operations.
Its customers and products division, which encompasses trading activities, generated $2.5billion in profits, a dramatic increase from just $103million (£76.2million) during the same period last year.
BP has posted record results
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BP’s new chief executive Meg O’Neill, who took over at the helm on April 1, asserted the group was ensuring fuel supplies are met across the UK.
Ms O’Neil said: “The teams across BP are playing their part to keep oil, gas and refined products flowing during an incredibly challenging time, focused on maintaining safe, reliable and cost-efficient operations.”
“We are working with customers and governments to get fuel where it’s needed, helping minimise disruption and the impact it can have on people’s lives.”
Oil prices have raced jumped significantly since the US-Israel war on Iran started on February 28 and are now more than 60 per cent up so far this year.
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The energy giant’s latest financial results found its customers and products division – including its oil trading unit – reported profits of $2.5billion (£1.84billion), compared with $1.4billion (£1.03billion) in the previous quarter and just $103million (£76.2million) a year ago.
He said: “That is not a coincidence, it is a consequence of the way our energy system is structured.”
Mr Francis warned that household energy bills are expected to jump by 90 per cent compared to pre-crisis levels from July, calling on ministers to provide emergency assistance for vulnerable families and speed up the transition to renewable energy.
Robert Palmer, the deputy director of campaign group Uplift, expressed outrage at the timing of BP’s windfall gains: “It’s appalling that while millions are worrying over energy bills, oil giants like BP are raking in billions.”
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Mr Palmer accused the company of benefiting from an “unearned windfall” created by the Iran conflict, warning this represents merely the first of many bumper profits energy firms will accumulate as the crisis continues.
He also criticised BP for scaling back investments in wind and solar power, arguing the company wants consumers to remain dependent on fossil fuels to protect its profits rather than pursuing affordable, sustainable alternatives.
Maurizio Carulli, global energy analyst at Quilter Cheviot, explained why prices have remained elevated for longer than anticipated.
He said: “The prolonged closure of the Strait of Hormuz has removed roughly 12 per cent of global oil supply from the market, according to the IEA, a bigger disruption than the Yom Kippur war, the Iran-Iraq conflict, the invasion of Kuwait or even the fallout from Ukraine.”