Column graph and headline: Reuters, 4/28/2026
Stephanie Kelly and Shadia Nasrallan report:
BP's (BP.L), opens new tab first-quarter profit more than doubled year-on-year to $3.2 billion - its highest since 2023 - the British oil major reported on Tuesday, beating expectations by 20% after the Iran war boosted its oil trading results.
The spike in oil prices triggered by the war has helped European majors reap billions of dollars from the energy supply crunch.
BP had already flagged an exceptionally strong quarter for its oil trading desk. Its customers and products business, which includes oil trading operations, recorded profit before interest and tax of $3.2 billion, its highest level since the 2022 Russian invasion of Ukraine, beating an average analyst estimate of $2.5 billion. [emphasis added]
Apparently, war is very very good for BP.
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Big Oil demonstrates its fluency in Newspeak. Again. (5/10/2024)
Spotlight on Big Oil's record profits. (8/20/2022)
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