BP profits more than double as Iran war sends oil prices soaring

Energy company’s $5.73bn quarterly profits come after Shell posted second highest quarterly earnings on record BP has reported its highest quarterly profits since the first year of Russia’s war on Ukraine because of rising oil and gas prices caused by the Middle East crisis. The oil company’s quarterly profits more than doubled to $5.73bn (£4.27bn) in the three months to the end of June, up $2.5bn from the quarter before, as the ongoing conflict in the Middle East continued to disrupt energy exports from the Gulf. Despite the company’s better than expected profits, its new chief executive, Meg O’Neill, said there was “more to do” because BP was “not making the most” of its potential. O’Neill is expected to undertake an overhaul of the 117-year-old company, including an exit from the North Sea after six decades of production from the UK’s oil and gas basin. The windfall profits for the world’s biggest oil and gas companies have faced criticism.

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