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

The BP refinery in Lingen, Germany (aerial view with a drone). Picture Alliance | Picture Alliance | British energy major BP on Tuesday reported stronger-than-expected first-quarter profit, following a surge in oil and gas prices driven by the Middle East conflict. The oil giant posted underlying replacement cost profit, used as a proxy for net profit, of $3.2 billion for the first three months of the year. That beat analyst expectations of $2.63 billion, according to an LSEG-compiled consensus. The company said the results reflect "exceptional" oil trading contributions and stronger midstream performance. BP's net profit came in at $1.38 billion over the same period last year and $1.54 billion in the final three months of 2025. "Overall, our business continues to run well. This was another quarter of strong operational and financial delivery, and we made further progress towards our 2027 targets," BP CEO Meg O'Neill said in a statement. BP's earnings come as oil and gas companies experience a significant share price boost , with fossil fuel prices soaring since the U.S.-Israeli war against Iran started on Feb. 28. Ongoing and severe disruption through the strategically vital Strait of Hormuz has resulted in what the International Energy Agency has described as the biggest energy security threat in history. …