BP profits more than double as oil and gas prices soar in Iran war

BP’s quarterly profits have more than doubled after a jump in oil and gas prices linked to the conflict in the Middle East. The energy company said on Tuesday that underlying profits for the first quarter were $3.2bn (£2.4bn), up by more than 130% from $1.38bn in the equivalent period a year ago and outstripping City forecasts of $2.67bn. BP – which was hit by a shareholder rebellion last week – said profits had been driven by an “exceptional oil trading contribution”. The reported jump in profits sparked an immediate backlash from campaign groups. Oil prices have risen rapidly since the US-Israel war on Iran began in late February, as the vital strait of Hormuz shipping channel remains effectively blocked. Brent crude rose 2.2% on Tuesday to $110.68 a barrel, its highest level since 7 April - the day the US-Iran ceasefire was agreed. In her first results as chief executive of BP, Meg O’Neill , said: “I join at a time when our industry is operating in an environment of conflict and complexity, playing a vital role in keeping energy flowing.” She said its employees had been working “relentlessly to keep our assets producing safely, reliably and efficiently. “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.” Fears are growing over shortages of jet fuel linked to the war that could lead to significant numbers of flight cancellations. …