BP doubles its profits as Iran war elevates oil prices

BP earned $3.2 billion in the first quarter, the energy giant reported Tuesday — an exponential increase in its profits that beat market projects amid the rising cost of oil due to the Iran war. It’s the company’s highest profit in three years and first reported sign of growth under CEO Meg O’Neill, who was appointed to lead BP in April. The quarterly earnings are double the amount from the first quarter of 2025. The British oil giant also bounced back from a $3.4 billion loss in the fourth quarter of 2025 by using oil traders to leverage rapid fuel price fluctuations and generate profits, according to BP. “We are heading in the right direction, strengthening the balance sheet and continuing to accelerate delivery. Now, we have to capitalize on the opportunity that exists across our portfolio, simplifying how we work, unlocking growth and driving improved returns,” O’Neill said in a news release . “That is how we will make bp a simpler, stronger, more valuable company,” she added. O’Neill is the fifth person to be appointed CEO of BP in the past six years. Her tenure started alongside a volatile market based on the uncertainty of conditions in the Middle East amid the closure of the Strait of Hormuz. The critical shipping chokepoint is responsible for a fifth of the world’s oil transports per day. However, much of the daily traffic has been halted due to a U.S. naval blockade and threats from the Iranian regime. …