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”. …