BP's profit more than doubles as US gas prices hit the highest point since the start of war in Iran

BP’s first-quarter profit more than doubled as the Iran war pushed up crude and gasoline prices, with adjusted net income rising to about $3.2 billion from $1.38 billion a year earlier. The company said the jump was helped by especially strong oil trading and refining results, while Brent briefly climbed to about $110.68 a barrel, its highest level since the April ceasefire.

What drove the gain

BP’s trading arm was the standout, and the company described the contribution as “exceptional”. Higher energy prices across the board also boosted refining margins, which helped offset weaker operating cash flow.

Why it matters

The results show how quickly geopolitical shocks can lift profits for major oil companies even as consumers face higher fuel bills. BP also said its net debt rose to about $25.3 billion, which means the company is benefiting from the price spike, but not without balance-sheet pressure.

Market reaction

Shares rose in early trading after the results, suggesting investors focused on the stronger earnings and trading performance. At the same time, activists criticized the profit surge as evidence that the conflict is enriching producers while raising costs for households.