Oil major BP beats profit expectations as Iran war boosts fuel prices - CNBC

2 sources4 storiesFirst seen 4/28/2026Score50Breakthrough

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BP profits hit highest since 2023 on back of Iran war - Financial Times.

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BP profits SURGE by 130% as US-Iran war raises oil prices while 'millions worry over energy bills'.

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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'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...

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Summary

**Summary:** BP's profits surged by 130% due to the US-Iran war, which raised oil prices and boosted fuel costs. **Why It Matters:** This event highlights how geopolitical tensions can significantly impact global energy markets and corporate earnings. BP's strong performance underscores the potential for increased volatility in oil prices