Oil giant BP profits more than double due to Iran war - again

Profit has again more than doubled at oil and gas giant BP as the war in Iran boosted fossil fuel prices.

Company profits hit $5.7bn (£4.2bn), up from $2.3bn (£1.7bn) a year earlier and even better than the $5bn analysts had been expecting.

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It was a similar story the last time the producer announced quarterly results, when underlying profits topped $3.2bn (£2.366bn), as it benefited from the massive rise in crude oil prices caused by supply disruption in the key Middle East shipping lane, the Strait of Hormuz.

BP's chief executive Meg O'Neill described the "strong" three-month results as "one of the most disrupted periods in the global energy market".

The figures are for the first quarter when the Iran war was raging the entire time. Prior results included just one month of conflict.

Beneficiaries of Iran war

Despite experiencing supply disruption, oil producers have been beneficiaries of conflict in the Middle East.

Benchmark oil prices soared since March as attacks effectively closed the Strait of Hormuz, through which about a fifth of the world's oil and liquefied natural gas flowed in normal times.

Elsewhere this morning, the world's largest oil company Saudi Aramco said its net profits were up 44%.

Last week Shell revealed a 70% lift in half-year profits to $16.75bn (£12.6bn).

BP's finances were also helped by a renewed focus on oil and gas and the selling off of assets. On Friday it announced it's putting up its North Sea operations for sale.

It has doubled down on fossil fuel production despite the climate harms of burning them.

England and Wales experienced the driest July on record and three heatwaves in as many months this summer. Half of England is in drought.

"Amassing $5.7 billion (£4.24bn) in profits shows how corporate gains have become entirely divorced from the public good - ordinary people are feeling the heat when it should be the polluters paying the price", said Greenpeace political campaigner Angharad Hopkinson.

BP's share price was up just under 1% following the results.

(c) Sky News 2026: Oil giant BP profits more than double due to Iran war - again